0001144204-13-009209.txt : 20130214 0001144204-13-009209.hdr.sgml : 20130214 20130214163306 ACCESSION NUMBER: 0001144204-13-009209 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20130214 DATE AS OF CHANGE: 20130214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DYNASIL CORP OF AMERICA CENTRAL INDEX KEY: 0000030831 STANDARD INDUSTRIAL CLASSIFICATION: GLASS, GLASSWARE, PRESSED OR BLOWN [3220] IRS NUMBER: 221734088 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-35011 FILM NUMBER: 13614658 BUSINESS ADDRESS: STREET 1: 385 COOPER RD CITY: WEST BERLIN STATE: NJ ZIP: 08091 BUSINESS PHONE: 8567674600 MAIL ADDRESS: STREET 1: 385 COOPER RD CITY: WEST BERLIN STATE: NJ ZIP: 08091 10-K/A 1 v334873_10ka.htm AMENDMENT TO FORM 10-K

U. S. SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-K/A

(Amendment No. 1)

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 13 0R 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended September 30, 2012.

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ______________ to ______________

Commission file number: 000-27503

DYNASIL CORPORATION OF AMERICA

(Exact name of registrant as specified in its charter)

Delaware	22-1734088
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

50 Hunt Street, Watertown, MA	02472
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (617) 668-6855

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Name of each exchange on which registered

Common Stock, $0.0005 par value		The NASDAQ Stock Market LLC (NASDAQ Global Market)

Securities registered pursuant to Section 12(g) of the Act: none

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No x

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 Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for shorter period that the registrant was required to submit and post such files.) Yes x No ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer ¨	Accelerated filer ¨
Non-accelerated filer ¨	Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.)

Yes ¨ Nox

As of March 31, 2012, the aggregate market value of the voting stock held by non-affiliates of the Registrant was approximately $14,540,993.

As of January 7, 2013 there were 14,815,154 shares of common stock, par value $.0005 per share, outstanding.

Explanatory Note

We are filing this Form 10-K/A Amendment No. 1 (the “Amendment”) to our Annual Report on Form 10-K for the fiscal year ended September 30, 2012 (the “Original Filing”) to correct the following clerical errors:

Net cash provided by operating activities contained in Part I, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations and in the Consolidated Statements of Cash Flows in Part I, Item 8, Financial Statements and Supplementary Data. The previously reported amount of net cash provided by operating activities for the fiscal year ended September 30, 2012 was $741,915 and the correct amount of such net cash provided by operating activities was $693,054.

Certain balance sheet captions for 2011 contained in the Consolidated Balance Sheets in Part 1 Item 8, Financial Statements and Supplementary Data. The previously reported subtotals for Total other assets, Total Assets, Total long-term liabilities, and Total Liabilities and Stockholders’ Equity of $20,086,302, $40,813,752, $10,254,758 and $40,813,752, respectively were incorrect; the corrected amounts are $20,139,133, $40,866,583, $10,307,589 and $40,866,583, respectively.

Future amortization expense in Note 6—Intangible Assets contained in the Item 8, Financial Statements and Supplementary Data. The table showing estimated amortization expense for the next five fiscal years for Trade Names included an incorrect amount of $422,213 in the “Thereafter” column. The corrected amount is $81,992.

This Form 10-K/A should be read in conjunction with the original Form 10-K. Except as specifically noted above, this Amendment does not amend, modify or update any financial statements or other disclosures contained in the Original Filing. Accordingly, this Amendment does not reflect events occurring after the Original Filing on January 15, 2013.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the proxy statement for the Annual Meeting of Stockholders scheduled to be held on March 5, 2013 are incorporated by reference into Part III of this report.

PART I

This annual report on Form 10-K contains or incorporates by reference not only historical information, but also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created by those sections. We refer you to the information under the heading “Forward-Looking Statements."

As used in this annual report on Form 10-K, references to "Dynasil," the "Company," "we," "our" or "us," unless the context otherwise requires, refer to Dynasil Corporation of America and our subsidiaries.

All trademarks or trade names referred to in this report are the property of their respective owners.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following management's discussion and analysis should be read in conjunction with our financial statements and the notes thereto appearing elsewhere in this Form 10-K.

Overview

Beginning with this annual report, the Company is divided into four reporting segments to more clearly delineate our main operating activities Below is a summary of these segments:

Contract Research: The Contract Research segment consists of the Radiation Monitoring Devices, Inc. (“RMD”) business unit, which is among the largest small business participants in U.S. government-funded research.

Optics: The Optics segment encompasses four business units (our original optics business (“Dynasil Fused Silica”), Optometrics, Hilger Crystal, and Evaporated Metal Films (“EMF”)) that manufacture commercial products, including optical crystals for sensing in the security and medical imaging markets, as well as optical components, optical coatings and optical materials for scientific instrumentation and other applications.

Instruments: The Instruments segment consists of Dynasil Products (formerly known as RMD Instruments), which manufactures precision instrumentation for medical and commercial applications.

Biomedical: The Biomedical segment consists of a single business unit, Dynasil Biomedical Corporation (“Dynasil Biomedical”), a medical technology incubator, developing disruptive technologies for a wide spectrum of applications, including hematology, hypothermic core cooling and tissue sealants.

For information about our financial segments and geographical information about our operating revenues and assets, see Note 16 to the Consolidated Financial Statements included in this Report. A complete description of our strategy is included in Item 1 of this Form 10-K.

Our markets are characterized by rapidly changing technology and the needs of our customers change and evolve regularly. Accordingly, our success depends on our ability to develop services and products that address these changing needs and to provide the people and technology needed to deliver these services and products. To remain competitive, we must consistently provide superior service, technology and performance on a cost-effective basis to our customers. Our business performance also is influenced by a variety of other factors including, but not limited to, economic conditions, U.S. Government spending on research and development programs, the availability of Research & Experimentation tax credits, competition, regulatory requirements and insurance costs. Further information on certain risks to our Company is located in Item 1a of this Form 10-K.

Fiscal 2012 Financial Overview

On December 31, 2012, the Company announced it is in default of certain financial covenants set forth in the terms of its outstanding indebtedness with respect to its fiscal year ended September 30, 2012. The Company continues to be current with all principal and interest payments due on all its outstanding indebtedness and management expects to continue discussions with its lenders to address the financial covenant situation. Under the default condition, our lenders have the ability to require immediate payment of all indebtedness under our loan agreements. While the lenders have not exercised this right, their ability to require immediate payment has caused all of our outstanding indebtedness to be accelerated to current classification on our consolidated financial statements. Given the uncertainty created by the defaults under the Company’s outstanding indebtedness, the Company's independent registered public accounting firm has included a “going concern” qualification in its audit opinion for the year ended September 30, 2012.

The Company has retained Argus Management Corporation and Mirus Capital as financial advisors to assist it in evaluating strategic and restructuring alternatives, including the potential sale of product lines and/or a Company division. While the Company is actively considering such strategic alternatives, there can be no assurances that any such transaction will occur, or, if a transaction is completed, it will be on terms favorable to the Company.

In fiscal year 2012, we achieved nominal revenue growth but incurred higher expenses than in fiscal 2011. Revenues grew 2.0% from $47.0 million to $47.9 million, offset by a combination of higher-than-expected research and development costs and increased Selling, General & Administrative (SG&A) expenses. During the year we made significant investments within the Instruments segment on upgrades to the segment’s two main product lines, specifically, the new hand-held lead paint analyzer, the LPXpro™, and the new wireless medical probe used in cancer surgery, the Navigator 2.0™ gamma counter. Though development of these products has been completed, they have not yet received the required regulatory approvals and additional changes, therefore, may become necessary. As a result of the higher-than-expected costs and delays in product launches, the Company determined that there was a decline in the fair value of business operation, and we recorded a non-cash goodwill impairment charge of $2.3 million for the period ended September 30, 2012 relating to our Instruments segment. Additionally, the Company incurred a large non-recurring increase in SG&A expenses. The increase stemmed from the Company’s internal review of the cash application, billing and internal controls at RMD. The Company conducted this review at the direction of the Audit Committee of the Board of Directors. The Company incurred approximately $466,000 in SG&A expenses associated with the review. As a result of the review, which has been satisfactorily completed, the Company has adopted certain improved practices and internal controls. We do not anticipate additional expenses for this matter.

As a result of the foregoing, our loss from operations for fiscal 2012 was $3.7 million, compared with income from operations of $2.3 million in fiscal 2011. The net loss for fiscal 2012 was $4.3 million, or $0.29 per share, compared with net income of $1.35 million, or $0.08 per share, in 2011.

During the year, we pursued several growth initiatives, including:

dual mode nuclear detector technology (which generated its first revenue in 2012);

biomedical technologies within the Dynasil Biomedical business unit, concentrating on hematology, hypothermic core cooling and tissue sealants;

patent portfolio, which we expanded during the year primarily within the Contract Research segment.

The Company is actively exploring commercialization opportunities in thin film digital x-rays, sensors for nondestructive testing and radiation dosimeters based on technologies developed at RMD. No determination has been made as to the Company’s entry into these market segments.

Results of Operations

Results of Operations for the Fiscal Year Ended September 30,

2012

	Contract Research			Optics			Instruments			Biomedical			Total
Revenue		24,270,675			17,456,436			6,054,752			105,287			47,887,150
Gross Profit		8,859,780			7,125,962			3,436,542			83,459			19,505,743
SG&A		9,523,642			5,548,421			4,915,723			939,149			20,926,935
Impairment of goodwill		-			-			2,284,499			-			2,284,499
Operating Income (Loss)		(663,862	)		1,577,541			(3,763,680	)		(855,690	)		(3,705,691	)
GM %		36.5	%		40.8	%		56.8	%		79.3	%		40.7	%

Depreciation and Amortization		237,623			796,847			575,246			60,003			1,669,719
Capital expenditures		348,314			462,445			207,454			-			1,018,213

Intangibles, Net		366,853			960,821			5,135,634			239,997			6,703,305
Goodwill		4,938,625			1,300,463			4,015,072			-			10,254,160
Total Assets		12,870,151			11,588,145			12,537,403			469,729			37,465,428

Results of Operations for the Fiscal Year Ended September 30,

2011

	Contract Research			Optics			Instruments			Biomedical			Total
Revenue		24,874,088			15,839,205			6,238,373			-			46,951,666
Gross Profit		10,339,990			6,391,291			3,018,950			-			19,750,231
SG&A Costs		9,149,838			5,178,590			2,639,944			495,201			17,463,573
Operating Income (Loss)		1,190,152			1,212,700			379,007			(495,201	)		2,286,658
GM %		41.6	%		40.4	%		48.4	%		0.0	%		42.1	%

Depreciation and Amortization		147,687			581,464			503,922			-			1,233,073
Capital expenditures		284,098			915,978			343,186			-			1,543,262

Intangibles, Net		456,367			1,096,773			5,613,366			300,000			7,466,506
Goodwill		4,938,625			1,283,775			6,299,571			-			12,521,971
Total Assets		10,447,842			14,683,407			15,363,526			371,808			40,866,583

Revenue

Revenues for the fiscal year ended September 30, 2012 were $47,887,150. This represents an increase of 2.0% over revenues for the fiscal year ended September 30, 2011 of $46,951,666. Contract Research revenues declined by 2.4% as a result of lower billable costs. The contract revenue backlog for contract research continues to be strong and is approximately $36 million and contains about 42% SBIR grants as of September 30, 2012. The Company is actively pursuing alternative funding avenues to further reduce the percentage of work through the SBIR program. This includes contract research for commercial businesses rather than governmental agencies.

Revenues in the Optics segment increased by 10.2% to $17.5 million in fiscal 2012. New customers and new product growth initiatives continue to be pursued throughout this segment.

Revenues in the Instruments segment declined by 2.9% to $6.1 million in fiscal year 2012. We believe that customers have delayed purchases of our existing products in anticipation of the availability of the newly refreshed products which are not yet approved by the necessary regulatory agencies.

The Biomedical segment achieved its first revenues of $105,287, primarily through a technology development contract with the Mayo Clinic.

Gross Profit

Gross profit for fiscal year 2012 declined by 1.2% to $19,505,743 from the prior year amount of $19,750,231. Gross profit as a percentage of sales declined to 40.7% from 42.1% at September 30, 2011 as a result of lower gross margin in the Contract Research segment and mix changes between the segments.

Gross profit dollars declined by 14.3% for the Contract Research segment. Gross profit as a percentage of sales declined to 36.5% from 41.6%, due to losses incurred to complete contracts and costs incurred in excess of provisional contract rates. This decline in gross profit for Contract Research was offset by improvements in other segments. The Optics segment’s gross margin stayed relatively steady at 40.8% from 40.4%. The Instruments segment’s gross margin improved to 56.8% from 48.4% as a result of additional revenues derived, in part, from re-activating the radioactive source in our installed base of lead paint analyzer (“LPA”) products. The LPA units contain a tiny radioactive source which must be periodically refreshed. Instruments also sold three RadCam units during the year at high margin. A RadCam unit is a radiation detector married with a camera to provide a visual display of radioactive locations. Finally, the Biomedical segment had its first revenues, with small costs of goods sold.

Selling, General & Administrative (“SG&A”) Expenses

SG&A expenses increased by $3.5 million to $20,926,935 or 43.7% of sales, for fiscal year 2012, from $17,463,573 or 37.2% of sales for fiscal year 2011. All segments experienced SG&A increases at various levels. All segments shared in higher costs at the corporate level. Corporate level costs are allocated to each operating business unit. The main higher cost at the corporate level related to the Company initiating an internal review of the billing and accounting practices and internal controls at its RMD division. The Company conducted this review at the direction of the Audit Committee of the Board of Directors. The Company incurred a total of approximately $466,000 of such expenses, all of which are reflected in the fiscal year ended September 30, 2012. This investigation has been satisfactorily completed and, as a result, the Company has adopted certain improved practices and internal controls, and does not anticipate additional expenses for this matter.

Contract Research SG&A increased to 39.2% of sales in fiscal 2012 from 36.8% of sales in the prior year. This segment has incurred the costs for the previously disclosed severance agreement with the former President of RMD in the amount of $325,000. Costs were also incurred to increase resources to better handle internal processes and internal control matters.

SG&A within the Optics segment increased $369,831, and the margin declined slightly to 31.8% of sales in fiscal 2012 from 32.7% in the prior year.

The Instruments segment incurred the greatest increase in SG&A costs, increasing $2,275,779 over prior year to 81.2% of sales in fiscal 2012 compared to 42.3% of sales in prior year. This segment has two main product lines: a hand-held lead paint analyzer and a medical gamma probe used primarily in breast cancer treatment. Both product lines were in need of revitalization with new features and functionality to maintain their positions in the marketplace. The Company spent $1.3 million on research and development on the products and significant monies on sales and marketing efforts in advance of the new product launches. Administrative staff was also increased in anticipation of future higher volume. As of this date, the updated products, the new hand-held lead paint analyzer, LPXpro™, and the new wireless medical probe, the Navigator 2.0™, are awaiting regulatory approval so that they can be sold in the marketplace. Recent sales of existing products have suffered as a result. Steps have been taken to reduce costs while awaiting the regulatory approvals. These include downsizing the administrative staff – including replacement of the general manager for the segment – and reducing the scheduled hours of the production staff. Regulatory approvals are expected imminently, but the timing is yet unknown. There can be no assurance when or if the regulatory approvals will be obtained and additional delays could lead to a further deterioration of product revenues. At September 30, 2012, the Company recorded an impairment of goodwill in the amount of $2,284,499 associated with the Instruments segment.

Finally, we have a full year of costs from the Biomedical segment in fiscal year 2012 as compared to only six months of costs in fiscal year 2011. SG&A costs were $939,149 compared to $495,201 in fiscal 2011. These costs were incurred to advance the development of the three main technologies: hematology, hypothermic core cooling and tissue sealants. While we believe these technologies are progressing favorably, they remain in the early stages of development and there can be no assurance that we will be able to successfully bring any of them to market. In order to advance further development activities, we are exploring the availability of outside financing, including through a sale, licensing or joint venture involving one or more technologies, though we may not be able to secure any such financing arrangement on favorable terms or at all.

Net Interest Expense

Net interest expense decreased slightly to $639,096 in fiscal 2012 from $641,815 in fiscal 2011. There were offsetting components to the change. First, the Company continued to make regular payments of principal to Sovereign Bank, N.A. (“Sovereign” or the “Bank”) under the Loan and Security Agreement, dated July 7, 2010, as amended on April 1, 2011, April 12, 2012, and June 29, 2012 (the “Term Loan and the Acquisition Line of Credit”). With these periodic payments, debt was reduced by $1,860,678 during the year ended September 30, 2012. Offsetting this reduction in interest-bearing debt was new borrowings from Massachusetts Capital Resources Company on July 31, 2012 in the amount of $3.0 million. Proceeds of this borrowing were used to repurchase shares pursuant to the exercise of a contractual put right by a stockholder, in the amount of $1,857,546 with the remainder used for general working capital purposes. The new borrowings are subordinated to Sovereign’s senior debt. The new borrowings carry an interest rate of 10%.

Income Tax Expense

Total income tax expense decreased from a tax provision of $293,000 in fiscal 2011 to a tax benefit of ($41,000) in fiscal 2012. There were offsetting components to the net decrease. First, income (loss) before the provision for income taxes decreased significantly resulting in a reduction of current tax due for federal and state purposes as compared to the prior year. This decrease was offset by a full valuation allowance on the U.S. net deferred tax assets recorded during fiscal 2012. Additionally, the current year tax benefit from research and experimentation credits is lower as the federal research and experimentation credit is not extended as of September 30, 2012.

Net Income

The Company had a net loss of $4,303,766 for the year ended September 30, 2012 compared to net income of $1,351,645 for the fiscal year ended September 30, 2011. Lower operating results from higher costs, goodwill impairment and the valuation allowance on tax assets due to the going concern opinion all contributed to the current year loss.

Liquidity and Capital Resources

Liquidity Overview

On December 31, 2012, the Company announced it is in default of the financial covenants set forth in the terms of its outstanding indebtedness at September 30, 2012. These covenants require the Company to maintain specified ratios of earnings before interest, taxes, depreciation and amortization (EBITDA) to fixed charges and to total/senior debt. The Company continues to be current with all principal and interest payments due on all its outstanding indebtedness and management expects to continue discussions with its lenders to address the financial covenant situation.

These financial covenant defaults give the lenders the right to accelerate the maturity of the indebtedness outstanding and foreclose on any security interest. Furthermore, Sovereign Bank, N.A, the Company's senior lender, may, at its option, impose a default interest rate with respect to the senior debt outstanding, which is 5% higher than the rate otherwise in effect. To date, the lenders have not taken any such actions. However, the Company cannot predict when or whether a resolution of this situation will be achieved.

As of September 30, 2012, the Company had total indebtedness outstanding of approximately $12.0 million, consisting of approximately $9.0 million of senior debt owed to Sovereign Bank and approximately $3.0 million of subordinated debt owed to Massachusetts Capital Resources Company. The Company's indebtedness is secured by substantially all the accounts and assets of the Company and is guaranteed by its subsidiaries.

The causes for the covenant violations are lower revenue and higher than expected expenses in the Company's Dynasil Products and RMD divisions during the fiscal quarter ended September 30, 2012, combined with the continued investment in Dynasil Biomedical Corp. and the Company's Dual Mode nuclear detection initiative. In addition, the Company incurred a significant, non-recurring charge of approximately $466,000 to its selling, general and administrative expenses during that quarter related to costs incurred as a result of a review, under the direction of the Audit Committee of the Board, of certain cash application processes and billing practices of the RMD division. This investigation has been completed and has resulted in modifications in the division's practices and internal controls. The Company does not anticipate additional expenses for this matter.

Because of the uncertainty of any resolution of the covenant violations and possibility of an acceleration of the indebtedness by the lenders, the Company has reclassified all of its outstanding indebtedness to current classification in the financial statements for the year ended September 30, 2012 filed herewith. As a result, the Company's independent registered public accountants, McGladrey LLP, has included a "going concern" qualification in its audit opinion with respect to such financial statements.

Net cash as of September 30, 2012 was $3,414,880 which was a decrease of $1,064,960 as compared to $4,479,840 at September 30, 2011. The Company does not currently have cash available to satisfy its obligations under its indebtedness if it were to be accelerated or payment demanded. If the Company is not able to resolve its current defaults under its outstanding indebtedness and improve its liquidity through the actions described above, it may not have sufficient liquidity to meet its anticipated cash needs for the next twelve months.

Net cash provided by operating activities

Net cash provided by operating activities was $693,054 for fiscal year 2012 versus $3,892,646 for fiscal year 2011. Fiscal year 2012 net loss was $4,303,766. There were non-cash expenses contained in the net loss which included stock compensation expense of $935,396, depreciation and amortization expense of $1,669,719 and the impairment of goodwill was $2,284,499. These major non-cash items totaled $4,889,614. Net changes in assets totaled $1,695,234. This included $986,133 in an increase in accounts receivable, net of unbilled accounts receivable. Days Sales Outstanding (“DSO”) increased to 63.3 days at September 30, 2012 from a record low of 46.1 days at September 30, 2011. Contract Research, the largest business segment, experienced an increase in DSO from prior year results of 35.8 days to 67.0 days at September 30, 2012. Expected improvements have yet to materialize and we continue efforts to streamline processes and improve collections. We do not believe that these internal procedural matters will ultimately affect the collectability of these receivables and accordingly, we have not made any increase in allowance for doubtful accounts for these receivables. DSO for the Optics segment was 50.9 days at September 30, 2012 compared with 49.5 days for the period in the prior year. The Instruments segment’s DSO was 80.4 days at September 30, 2012 compared with a prior year DSO of 91.1 days. This segment has a portion of its revenues through distributors who usually have extended terms beyond net 30 days. Finally, the Biomedical segment has little revenue and a measure of DSO is not meaningful. Increases in assets were partially offset by net changes in liabilities of $1,503,514 for accounts payable, accrued expenses and deferred revenue.

Cash flows used in investing activities

Cash flows used in investing activities were $1,018,213 for fiscal 2012 compared with $1,843,262 for fiscal 2011. All expenditures in 2012 were made to purchase machinery and equipment and to invest in leasehold improvements. Fiscal year 2011 included $300,000 to acquire biomedical technologies by the newly created Dynasil Biomedical Corp. In fiscal 2012, the Contract Research segment used $348,314, primarily for leasehold improvements. The Optics segment used $462,445, primarily for replacement machinery and equipment. The Instruments segment used $207,454, primarily for machinery and equipment used in research, development and engineering. Biomedical had no capital expenditures. There are currently plans for capital expenditures of $1,511,000 during fiscal year 2013, depending on the availability of cash and/or financing. Due to the uncertainty with respect to the Company’s long-term financing arrangements, the Company is not able to determine whether financing will be available to fund these capital expenditures.

Cash flows from financing activities

Cash flows from financing activities used $711,701 of cash in fiscal 2012 and used $1,803,411 of cash in fiscal 2011. Fiscal 2012 included new financing in the amount of $3,000,000 under a Note Purchase Agreement with Massachusetts Capital Resource Company (“MCRC”). The Company used $1,857,546 of the financing proceeds to repurchase shares of common stock pursuant to a put right exercised by Dr. Gerald Entine, a former owner of RMD and RMD Instruments, which required the repurchase of a total of 928,773 shares of Dynasil common stock held by Dr. Entine and certain affiliates (collectively “Entine”) for an aggregate purchase price of $1,857,546. This put right originated from the Company’s acquisition of RMD and RMD Instruments in July 2008 and is set forth in the Asset Purchase Agreement dated July 1, 2008 by and among the Company, RMD Instruments Corp., RMD Instruments, LLC and Entine. Transaction costs for the new financing used $56,600 in cash.

Finally, current year cash of $1,860,678 was used for regularly scheduled payments to Sovereign/Santander Bank under the five year term debt and acquisition line of credit.

Summary of Terms of Outstanding Indebtedness

Management expects to continue discussions with its lenders to address the financial covenant defaults as of September 30, 2012 as described above. The following is summary of the terms of the existing loan agreement in place with the Company’s senior lender, Sovereign Bank, and the terms of subordinated debt owed to Massachusetts Capital Resources Company.

Sovereign Bank Loan Agreement

On June 29, 2012, the Company entered into a letter agreement (the “Waiver Letter”) with Sovereign as well as Amendment No. 3 (the “Amendment”) to the Loan and Security Agreement, dated July 7, 2010, as amended on April 1, 2011 and April 12, 2012 (the “Original Loan Agreement”). Under the Waiver Letter, the Lender agreed to waive non-compliance by the Company with certain financial covenants under the Original Loan Agreement as of June 30, 2012, subject to the Company’s compliance with the terms of the Amendment, including the requirement that the Company would raise, on or before September 30, 2012, at least $2,000,000 in gross proceeds from the sale of its capital stock and/or the incurrence of new indebtedness which is subordinated to the indebtedness in favor of the Lender, on terms and conditions acceptable to the Lender in its sole discretion (the “Required Capital Raise”) and applying the proceeds as described below, all of which the Company has successfully completed.

The Amendment also made certain other changes to the Original Loan Agreement, including certain financial covenants, limitations on capital expenditures and the termination of the Company’s acquisition line of credit, in each case as described in more detail below. The Amendment did not change the interest rates on outstanding indebtedness under the Original Loan Agreement.

The terms of the Amendment are described below:

The Required Capital Raise on or before September 30, 2012

Under the Amendment, the Company agreed with the Lender that the Company would raise, on or before September 30, 2012, at least $2,000,000 in gross proceeds from the sale of its capital stock and/or the incurrence of new indebtedness which is subordinated to the indebtedness in favor of the Lender, on terms and conditions acceptable to the Lender in its sole discretion. As disclosed in the Company’s Form 8-K filed on June 8, 2012, the Company has incurred indebtedness in favor of certain entities affiliated with Dr. Gerald Entine (together, “Entine”) in the aggregate principal amount of $1,857,546 (the “Entine Indebtedness”). The Company incurred the Entine Indebtedness in satisfaction of its obligation to repurchase certain shares of Dynasil common stock from Entine pursuant to a put right exercised by Entine on February 12, 2012. The proceeds of the Required Capital Raise must first be used to repay all amounts outstanding under the Entine Indebtedness by September 30, 2012, and thereafter for general working capital needs. The Required Capital Raise has been completed as of July 31, 2012 pursuant to the Note Purchase Agreement (“the Agreement”) with Massachusetts Capital Resource Company (“MCRC”) described below. Pursuant to the terms of the Agreement, the Company issued and sold to MCRC a $3,000,000 subordinated note (the “Subordinated Note”) for proceeds of $3,000,000.

Amendment to Leverage Ratio Covenants

For the Consolidated Maximum Leverage Ratio (Consolidated Total Funded Debt to Consolidated EBITDA, as defined in the Amendment), the Amendment (i) revised the required ratio for September 30, 2012 from 3.25x to 4.5x; (ii) revised the required ratio for December 31, 2012 from 3.0x to 4.5x; and (iii) revised the required ratio for March 31, 2013 and for each rolling four quarters thereafter from 3.0x to 4.0x.

The Amendment also includes a new Consolidated Maximum Adjusted Leverage Ratio covenant, which is Consolidated Total Funded Debt (excluding subordinated debt) to Consolidated EBITDA, as defined in the Amendment. The Amendment requires the Company to maintain a Consolidated Maximum Adjusted Leverage Ratio equal to or less than (i) 3.25x to 1.00x for each of the rolling four quarter periods ending on September 30, 2012 and December 31, 2012, and (ii) 3.0x to 1.0x for each rolling four quarter period ending on or after March 31, 2013.

For the purposes of calculating both the Consolidated Maximum Leverage Ratio and the Consolidated Maximum Adjusted Leverage Ratio, Consolidated EBITDA (as defined in the Amendment) will be (i) at September 30, 2012, the actual Consolidated EBITDA for the 3 months then ended times 4; (ii) at December 31, 2012, the actual Consolidated EBITDA for the 6 months then ended times 2; and (iii) at March 31, 2013, the actual Consolidated EBITDA for the 9 months then ended times 4/3 (provided that the add-backs for costs are not annualized).

Amendment to Fixed Charge Coverage Ratio Covenants

For the Consolidated Fixed Charge Coverage Ratio, the Amendment (i) revised the required ratio for September 30, 2012 from 1.10x to 1.00x; (ii) revised the required ratio for December 31, 2012 from 1.20x to 1.00x; (iii) revised the required ratio for March 31, 2013 from 1.20x to 1.05x; (iv) revised the required ratio at 6/30/13 from 1.20x to 1.10x; and (v) did not change the required ratio at September 30, 2013 (remained at 1.20x).

The Consolidated Fixed Charge Coverage Ratio is defined as Consolidated EBITDA (as defined in the Amendment) for the applicable period divided by the sum of (a) the Company’s consolidated interest expense for such period, plus (b) the aggregate principal amount of scheduled payments on the Company’s indebtedness made during such period (excluding any repayment of the Entine Indebtedness), plus (c) the sum of all cash dividends and other cash distributions to the Company’s shareholders during such period, plus (d) the sum of all taxes paid in cash by the Company during such period, less (e) up to $75,000 paid to the IRS, to the extent characterized as interest expense, in connection with certain historical tax filings (the “IRS Payments”).

For the purposes of calculating the Consolidated Fixed Charge Coverage Ratio, Consolidated EBITDA will be (i) at September 30, 2012, the actual Consolidated EBITDA for the 3 months then ended times 4; (ii) at December 31, 2012, the actual Consolidated EBITDA for the 6 months then ended times 2; and (iii) at March 31, 2013, the actual Consolidated EBITDA for the 9 months then ended times 4/3 (provided that the add-backs for Entine Indebtedness repayment and the IRS Payments are not annualized).

Restriction on Capital Expenditures

For the fiscal year ending September 30, 2012, the Amendment reduced the limitation on the Company’s capital expenditures from $3.25 million to $2.25 million and for fiscal years ending September 30, 2013 and for each fiscal year thereafter, the Amendment raised the limitation on the Company’s capital expenditures from $2.00 million to $2.25 million.

Termination of Acquisition Line of Credit

The Amendment also accelerated the termination date of the Company’s $5 million acquisition line of credit to June 29, 2012, which will prohibit the Company from drawing down the approximately $1 million of previously available undrawn funds.

Note Purchase Agreement – Massachusetts Capital Resource Company (“MCRC”)

As described above, the Company is currently in financial default under its note purchase agreement with MCRC.

On July 31, 2012, the Company entered into the Agreement with MCRC. Pursuant to the terms of the Agreement, the Company issued and sold to MCRC the $3,000,000 Subordinated Note for proceeds of $3,000,000. The Company has used a portion of the proceeds from the sale of the Subordinated Note to repay the Entine Indebtedness in the aggregate principal amount of $1,857,546 and has agreed to use the balance of the proceeds for working capital purposes.

The Subordinated Note matures on July 31, 2017, unless accelerated pursuant to an event of default, as described below. The Subordinated Note bears interest at the rate of ten percent (10%) per annum, with interest to be payable monthly on the last day of each calendar month in each year, the first such payment to be due and payable on August 31, 2012. Under the terms of the Agreement, beginning on and with September 30, 2015, and on the last day of each calendar month thereafter through and including July 31, 2017, the Company will redeem, without premium, $130,434 in principal amount of the Subordinated Note together with all accrued and unpaid interest then due on the amount redeemed.

Under the terms of the Agreement and a Subordination Agreement dated July 31, 2012, among the Company, the Guarantor Subsidiaries, the Lender and MCRC, MCRC and any successor holder of the Subordinated Note have agreed that the payment of the principal of and interest on the Subordinated Note shall be subordinated in right of payment, to the prior payment in full of all indebtedness of the Company for money borrowed from banks or other institutional lenders at any time outstanding, including money borrowed from the Lender under the Original Loan Agreement.

The Agreement contains customary representations, warranties and covenants, including covenants by the Company limiting additional indebtedness, liens, guaranties, mergers and consolidations, substantial asset sales, investments and loans, sale and leasebacks, transactions with affiliates and fundamental changes. In addition, the Agreement contains financial covenants by the Company (as further defined in the Agreement) that (i) impose a Consolidated Maximum Leverage Ratio (consolidated total funded debt to consolidated EBITDA) equal to or less than (a) 5.0 to 1.0 for each of the rolling four quarter periods ending on September 30, 2012 and December 31, 2012, and (b) 4.5 to 1.0 for each rolling four quarter period ending on or after March 31, 2013, and (ii) require a Consolidated Fixed Charge Coverage Ratio (consolidated EBITDA to consolidated fixed charges) of not less than (a) .75 to 1.00 for each of the rolling four quarter periods ending on September 30, 2012 and December 31, 2012, (b) .8 to 1.0 for each of the rolling four quarter period ending on March 31, 2013 and June 30, 2013, and (c) .95 to 1.00 for each rolling four quarter period ending on or after September 30, 2013.

The Agreement also provides for events of default customary for agreements of this type, including, but not limited to, non-payment, breach of covenants, insolvency and defaults on other debt. Upon an event of default, MCRC may elect to declare all obligations (including principal, interest and all others amounts payable) immediately due and payable, which shall occur automatically if the Company becomes insolvent.

“Off Balance Sheet” Arrangements

The Company has no “Off Balance Sheet” arrangements.

NEW ACCOUNTING PRONOUNCEMENTS

See Note 2, "Summary of Significant Accounting Policies" in the Notes to Consolidated Financial Statements for a full description of recent accounting pronouncements, including the respective dates of adoption or expected adoption and effects on our consolidated financial position, results of operations and cash flows.

CRITICAL ACCOUNTING POLICIES

Our discussion and analysis of financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America and pursuant to the rules and regulations of the SEC. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We have identified the following as the items that require the most significant judgment and often involve complex estimation: revenue recognition, valuation of long-lived assets, intangible assets and goodwill, estimating allowances for doubtful accounts receivable, stock-based compensation and accounting for income taxes.

Revenue Recognition

Revenue from sales of products is recognized at the time title and the risks and rewards of ownership pass. Revenue from research and development activities is derived generally from the following types of contracts: reimbursement of costs plus fees, fixed price or time and material type contracts. Revenue is recognized when the products are shipped per customers’ instructions, the contract has been executed, the contract or sales price is fixed or determinable, delivery of services or products has occurred and the Company’s ability to collect the contract price is considered reasonably assured.

Government funded services revenues from cost plus contracts are recognized as costs are incurred on the basis of direct costs plus allowable indirect costs and an allocable portion of the contracts’ fixed fees. Revenue from fixed-type contracts is recognized under the percentage of completion method with estimated costs and profits included in contract revenue as work is performed. Revenues from time and materials contracts are recognized as costs are incurred at amounts generally commensurate with billing amounts. Recognition of losses on projects is taken as soon as the loss is reasonably determinable.

The majority of the Company’s contract research revenue is derived from the United States government and government related contracts. Such contracts have certain risks which include dependence on future appropriations and administrative allotment of funds and changes in government policies. Costs incurred under United States government contracts are subject to audit. The Company believes that the results of such audits will not have a material adverse effect on its financial position or its results of operations.

Goodwill

Goodwill and intangible assets which have indefinite lives are subject to annual impairment tests. Goodwill is tested by reviewing the carrying value compared to the fair value at the reporting unit level. Fair value for the reporting unit is derived using the income approach. Under the income approach, fair value is calculated based on the present value of estimated future cash flows. Assumptions by management are necessary to evaluate the impact of operating and economic changes and to estimate future cash flows. Management’s evaluation includes assumptions on future growth rates and cost of capital that are consistent with internal projections and operating plans.

The Company generally performs its annual impairment testing of goodwill during the fourth quarter of its fiscal year, or more frequently if events or changes in circumstances indicate that the assets might be impaired. The Company tests impairment at the reporting unit level using the two-step process. The Company's primary reporting units tested for impairment are RMD, which comprises our Contract Research segment, Dynasil Products (also known as RMD Instruments), which comprises our Instruments segment, and Hilger Crystals, which is a component of the Optics segment.

Step one of the impairment testing compares the carrying value of a reporting unit to its fair value. The carrying value represents the net book value of the net assets of the reporting unit or simply the equity of the reporting unit if the reporting unit is the entire entity. If the fair value of the reporting unit is greater than its carrying value, no impairment has been incurred and no further testing or analysis is necessary. The Company estimates fair value using a discounted cash flow methodology which calculates fair value based on the present value of estimated future cash flows. Estimating future cash flows requires significant judgment and includes making assumptions about projected growth rates, industry-specific factors, working capital requirements, weighted average cost of capital, and current and anticipated operating conditions. Assumptions by management are necessary to evaluate the impact of operating and economic changes. The Company's evaluation includes assumptions on future growth rates and cost of capital that are consistent with internal projections and operating plans. The use of different assumptions or estimates for future cash flows could produce different results. The Company regularly assesses the estimates based on the actual performance of each reporting unit.

If the carrying value of a reporting unit is greater than its fair value, step two of the impairment testing process is performed to determine the amount of impairment to be recognized. Step two requires the Company to estimate an implied fair value of the reporting unit's goodwill by allocating the fair value of the reporting unit to all of the assets and liabilities other than goodwill. An impairment then exists if the carrying value of the goodwill is greater than the goodwill's implied fair value. With respect to the Company's annual goodwill impairment testing performed during the fourth quarter of fiscal year 2012, step one of the testing determined the estimated fair value of RMD substantially exceeded its carrying value by more than 20%. The estimated fair value of the Hilger Crystals reporting unit exceeded its carrying value but the carrying value of the Dynasil Products reporting unit exceeded its estimated fair value. As a conservative measure, the Company undertook step two analyses by performing essentially a new purchase price allocation as of the date of the impairment test for both Hilger Crystals and Dynasil Products. To assist in developing the assumptions and methodologies, the Company uses the services of an independent consulting firm to determine the values of both originally recognized assets and any new assets that may have been unrecognized at the time of the original transaction, but were developed between the acquisition date and the test date. For Hilger Crystals, the result was confirmation that the new residual value of goodwill is higher than the carrying value. Accordingly, the Company concluded that no impairment had occurred and no further testing was necessary. For Dynasil Products, under step two, the income method was used to allocate the fair values of all of the assets and liabilities of this reporting unit, with the remaining residual fair value allocated to goodwill. As the carrying value of goodwill exceeded the new residual fair value of goodwill, the Company recorded a pre-tax impairment loss of $2,284,499 in the fourth quarter of 2012.

During the fourth quarter of 2011, The Company completed our annual goodwill impairment reviews with no impairments to the carrying values identified. As such, there was no impairment charge during the year ended September 30, 2011.

Impairment of Long-Lived Assets

The Company's long-lived assets include property, plant and equipment and intangible assets subject to amortization. The Company evaluates long-lived assets for recoverability whenever events or changes in circumstances indicate that an asset may have been impaired. In evaluating an asset for recoverability, the Company estimates the future cash flow expected to result from the use of the asset and eventual disposition. If the expected future undiscounted cash flow is less than the carrying amount of the asset, an impairment loss, equal to the excess of the carrying amount over the fair value of the asset, is recognized. The Company reviewed its long-lived assets and determined there was no impairment charge during the years ended September 30, 2012 and 2011.

Intangible Assets

The Company's intangible assets consist of an acquired customer base of Optometrics, LLC, acquired customer relationships and trade names of Hilger Crystals, customer relationships and trade names of Dynasil Products, acquired backlog and know-how of Radiation Monitoring Devices, Inc., and provisionally patented technologies within Dynasil Biomedical Corp.

Dynasil estimates the fair value of indefinite-lived intangible assets using an income approach, and recognizes an impairment loss when the estimated fair value of the indefinite-lived intangible assets is less than the carrying value. During the fourth quarter of fiscal year 2012, the Company conducted its annual impairment review of indefinite-lived intangible assets with no impairments to the carrying values identified.

The Company reviews intangible assets with finite lives for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of these intangible assets is assessed based on the undiscounted future cash flows expected to result from the use of the asset. If the undiscounted future cash flows are less than the carrying value, the intangible assets with finite lives are considered to be impaired. The amount of the impairment loss, if any, is measured as the difference between the carrying amount of these assets and the fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. During the fourth quarter of fiscal year 2012, the Company conducted its annual impairment review of definite lived intangible assets with no impairments to the carrying values identified.

During the fourth quarter of 2011, the Company completed its annual intangible asset impairment review with no impairments to the carrying values identified. As such, no impairment charge was recorded during the year ended September 30, 2011.

The Company amortizes its intangible assets with definitive lives over their useful lives, which range from 4 to 15 years, based on the time period the Company expects to receive the economic benefit from these assets.

Convertible Preferred Stock

The Company considers the guidance of EITF 98-5, "Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios" and EITF 00-27, "Application of Issue No. 98-5 to Certain Convertible Instruments", codified in FASB ASC Topic 470-20 when accounting for the issuance of convertible preferred stock. The Company's convertible preferred stock, when issued, is generally convertible to common stock at or above the then current market price of the Company's common stock and therefore, will contain no beneficial conversion feature.

Allowance for Doubtful Accounts Receivable

We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and the customer's current credit worthiness, as determined by our review of their current credit information. We continuously monitor collections and payments from our customers and maintain a provision for estimated credit losses based upon our historical experience and any specific customer collection issues that we have identified. While such credit losses have historically been minimal, within our expectations and the provisions established, we cannot guarantee that we will continue to experience the same credit loss rates that we have in the past. A significant change in the liquidity or financial position of any of our significant customers could have a material adverse effect on the collectability of our accounts receivable and our future operating results.

Stock-Based Compensation

We account for stock-based compensation using fair value. Compensation costs are recognized for stock options granted to employees and directors. Options and warrants granted to employees and non-employees are recorded as an expense over the requisite service period based on the grant date estimated fair value of the grant, determined using the Black-Scholes option pricing model.

Income Taxes

As part of the process of preparing our consolidated financial statements, we are required to estimate our income tax provision (benefit) in each of the jurisdictions in which we operate. This process involves estimating our current income tax provision (benefit) together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within our consolidated balance sheets. We regularly evaluate our ability to recover the reported amount of our deferred income taxes considering several factors, including our estimate of the likelihood of the Company generating sufficient taxable income in future years during the period over which temporary differences reverse. The Company believes it is more likely than not that these carry-forwards will not be realized and, therefore, a valuation allowance has been applied.

Forward-Looking Statements

The statements contained in this Annual Report on Form 10-K which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements regarding future events and our future results are based on current expectations, estimates, forecasts, and projections and the beliefs and assumptions of our management, including, without limitation, our expectations regarding results of operations, our default under the financial covenants under our loan agreement with Sovereign Bank and Massachusetts Capital Resource Company, the commercialization of our products including our dual mode detectors, our development of new technologies including at Dynasil Biomedical, the adequacy of our current financing sources to fund our current operations, our growth initiatives, our capital expenditures and the strength of our intellectual property portfolio. These forward-looking statements may be identified by the use of words such as “may,” “could,” “expect,” “estimate,” “anticipate,” “continue” or similar terms, though not all forward-looking statements contain such words. The actual results of the future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements due to a number of important factors. These factors that could cause actual results to differ from those anticipated or predicted include, without limitation, our ability to resolve our current default under our outstanding indebtedness, our ability to develop and commercialize our products, including obtaining regulatory approvals, the size and growth of the potential markets for our products and our ability to serve those markets, the rate and degree of market acceptance of any of our products, our ability to address our material weaknesses in our internal controls, general economic conditions, costs and availability of raw materials and management information systems, our ability to obtain and maintain intellectual property protection for our products, competition, the loss of key management and technical personnel, our ability to obtain timely payment of our invoices to governmental customers, litigation, the effect of governmental regulatory developments, the availability of financing sources, our ability to identify and execute on acquisition opportunities and integrate such acquisitions into our business, and seasonality, as well as the uncertainties set forth in this Annual Report on Form 10-K, including the risk factors contained in Item 1a, and from time to time in the Company's other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders

Dynasil Corporation of America and Subsidiaries

Watertown, Massachusetts

We have audited the accompanying consolidated balance sheet of Dynasil Corporation of America and Subsidiaries (the Company) as of September 30, 2012 and the related consolidated statements of operations and comprehensive income (loss), stockholders’ equity, and cash flows for the year then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Dynasil Corporation of America and Subsidiaries as of September 30, 2012, and the results of their operations and their cash flows for the year then ended, in conformity with U.S. generally accepted accounting principles.

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, as of September 30, 2012, the Company is in default with the financial covenants set forth in the terms of its outstanding loan agreements (and anticipates entering into a forbearance arrangement with its lenders) and sustained a substantial loss from operations for the year ended September 30, 2012. These factors, among others, as discussed in Note 1 to the consolidated financial statements, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plan in regards to these matters is also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

McGladrey LLP

Boston, Massachusetts

January 15, 2013

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders

Dynasil Corporation of America and Subsidiaries

Watertown, Massachusetts

We have audited the accompanying consolidated balance sheets of Dynasil Corporation of America and Subsidiaries (the “Company”) as of September 30, 2011, and the related consolidated statements of operations and comprehensive income, changes in stockholders’ equity, and cash flows for the years then ended. Dynasil Corporation of America and Subsidiaries’ management is responsible for these financial statements. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Dynasil Corporation of America and Subsidiaries as of September 30, 2011 and the consolidated results of their operations and their cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

HAEFELE, FLANAGAN & CO., p.c.

Moorestown, New Jersey

December 29, 2011

F-2

DYNASIL CORPORATION OF AMERICA AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

SEPTEMBER 30, 2012 and 2011

	2012		2011

ASSETS
Current Assets
Cash and cash equivalents	$	3,414,880	$	4,479,840
Accounts receivable, net of allowance for doubtful accounts of $146,210 and $182,634 and sales returns allowance of $51,860 and $18,356 at September 30, 2012 and September 30, 2011, respectively.		5,475,142		3,388,237
Costs in excess of billings and unbilled receivables		1,735,798		2,857,142
Inventories, net of reserves		3,271,700		3,250,539
Deferred tax asset		126,187		1,119,800
Prepaid expenses and other current assets		1,334,649		771,564
Total current assets		15,358,356		15,867,122

Property, Plant and Equipment, net		4,984,150		4,860,328

Other Assets
Intangibles, net		6,703,305		7,466,506
Goodwill		10,254,160		12,521,971
Deferred financing costs, net		165,457		150,656
Total other assets		17,122,922		20,139,133

Total Assets	$	37,465,428	$	40,866,583

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Current portion of long-term debt	$	11,984,492	$	1,859,728
Accounts payable		2,416,397		2,088,395
Deferred revenue		694,672		-0-
Accrued expenses and other liabilities		2,809,580		2,368,829
Total current liabilities		17,905,141		6,316,952

Long-term Liabilities
Long-term debt, net of current portion		-0-		8,985,442
Pension liability		345,443		113,344
Deferred tax liability		371,256		1,208,803
Total long-term liabilities		716,699		10,307,589

The accompanying notes are an integral part of these consolidated financial statements.

F-3

DYNASIL CORPORATION OF AMERICA AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

SEPTEMBER 30, 2012 and 2011 (Continued)

	2012			2011

LIABILITIES AND STOCKHOLDERS' EQUITY (Continued)
Temporary Equity
Redeemable common stock, at redemption value of $2 per share; put option on 0 shares and 1,000,000 issued and outstanding at September 30, 2012 and September 30, 2011, respectively.	$	0		$	2,000,000

Stockholders' Equity
Preferred stock, $.001 par value, 15,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2012 and September 30, 2011, respectively, 10% cumulative, convertible.		-0-			-0-

Common stock, $0.0005 par value, 40,000,000 shares authorized, 15,610,517 and 15,393,053 shares issued, 14,800,357 and and 14,582,893 shares outstanding at September 30, 2012 and September 30, 2011, respectively.		7,805			7,696
Additional paid in capital		17,037,618			15,896,755
Accumulated other comprehensive income		61,906			297,566
Retained earnings		2,722,601			7,026,367
		19,829,930			23,228,384
Less 810,160 and 810,160 shares of treasury stock - at cost at September 30, 2012 and September 30, 2011, respectively		(986,342	)		(986,342	)
Total stockholders' equity		18,843,588			22,242,042

Total Liabilities and Stockholders' Equity	$	37,465,428		$	40,866,583

The accompanying notes are an integral part of these consolidated financial statements.

F-4

DYNASIL CORPORATION OF AMERICA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

FOR THE YEARS ENDED SEPTEMBER 30, 2012 and 2011

	2012			2011
Net revenue	$	47,887,150		$	46,951,666
Cost of revenue		28,381,407			27,201,435
Gross profit		19,505,743			19,750,231
Selling, general and administrative expenses		20,926,935			17,463,573
Impairment of goodwill		2,284,499			-0-
Income (loss) from operations		(3,705,691	)		2,286,658
Interest expense, net		639,096			641,815
Income (loss) before income tax (benefit) provision		(4,344,787	)		1,644,843
Income tax (benefit) provision		(41,021	)		293,198
Net income (loss)	$	(4,303,766	)	$	1,351,645

Net income (loss)	$	(4,303,766	)	$	1,351,645
Other comprehensive income (loss):
Increase in pension liability	$	(345,443	)		-0-
Foreign currency translation		109,783			147,404
Total comprehensive income (loss)	$	(4,539,426	)	$	1,499,049

Net income (loss)	$	(4,303,766	)	$	1,351,645
Dividends on preferred stock		-0-			116,646
Net income (loss) attributable to common stockholders	$	(4,303,766	)	$	1,234,999

Basic net income (loss) per common share	$	(0.29	)	$	0.08
Diluted net income (loss) per common share	$	(0.29	)	$	0.08

Weighted average shares outstanding
Basic		14,811,294			14,932,226
Diluted		14,811,294			15,127,004

The accompanying notes are an integral part of these consolidated financial statements.

F-5

DYNASIL CORPORATION OF AMERICA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

FOR THE YEARS ENDED SEPTEMBER 30, 2012 and 2011

														Accumulated
											Additional			Other											Total
	Preferred			Preferred			Common		Common		Paid-in			Comprehensive			Retained			Treasury Stock					Stockholders'
	Shares			Amount			Shares		Amount		Capital			Income			Earnings			Shares		Amount			Equity
Balance, September 30, 2010		5,256,000			5,256			12,482,356		6,241		15,025,941			150,162			5,791,368			810,160		(986,342	)		19,992,626
Issuance of shares of common stock under employee stock purchase plan		-0-			-0-			28,758		15		95,275			-0-			-0-			-0-		-0-			95,290

Stock-based compensation costs		-0-			-0-			497,608		248		603,194			-0-			-0-			-0-		-0-			603,442
Exercise of options by non-director to purchase common stock		-0-			-0-			15,973		8		(8	)		-0-			-0-			-0-		-0-			-0-
Exercise of options by director to purchase common stock		-0-			-0-			198,650		99		(88	)		-0-			-0-			-0-		-0-			11
Issuance of shares of common stock for conversion of Series C preferred stock		(5,256,000	)		(5,256	)		2,102,400		1,051		4,205			-0-			-0-			-0-		-0-			-0-
Issuance of shares of common stock in lieu of Series C preferred stock dividends		-0-			-0-			67,308		34		168,236			-0-			-0-			-0-		-0-			168,270

Preferred stock dividends		-0-			-0-			-0-		-0-		-0-			-0-			(116,646	)		-0-		-0-			(116,646	)

Foreign currency translation adjustment		-0-			-0-			-0-		-0-		-0-			147,404			-0-			-0-		-0-			147,404

Net income		-0-			-0-			-0-		-0-		-0-			-0-			1,351,645			-0-		-0-			1,351,645
Balance, September 30, 2011		-0-		$	0			15,393,053	$	7,696	$	15,896,755		$	297,566		$	7,026,367			810,160	$	(986,342	)	$	22,242,042
Issuance of shares of common stock under employee stock purchase plan		-0-			-0-			47,440		24		63,098			-0-			-0-			-0-		-0-			63,122

Stock-based compensation costs		-0-			-0-			57,592		29		935,367			-0-			-0-			-0-		-0-			935,396
Exercise of options by director to purchase common stock		-0-			-0-			41,205		21		(21	)		-0-			-0-			-0-		-0-			-0-

Expiration of put shares		-0-			-0-			71,227		35		142,419			-0-			-0-			-0-		-0-			142,454

Adjustment for increase in pension liability, net of tax		-0-			-0-			-0-		-0-		-0-			(345,443	)		-0-			-0-		-0-			(345,443	)

Foreign currency translation adjustment		-0-			-0-			-0-		-0-		-0-			109,783			-0-			-0-		-0-			109,783

Net loss		-0-			-0-			-0-		-0-		-0-			-0-			(4,303,766	)		-0-		-0-			(4,303,766	)
Balance, September 30, 2012		-0-		$	0			15,610,517	$	7,805	$	17,037,618		$	61,906		$	2,722,601			810,160	$	(986,342	)	$	18,843,588

The accompanying notes are an integral part of these consolidated financial statements.

F-6

DYNASIL CORPORATION OF AMERICA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED SEPTEMBER 30, 2012 and 2011

	2012			2011
Cash flows from operating activities:
Net income (loss)	$	(4,303,766	)	$	1,351,645
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock compensation expense		935,396			563,443
Foreign exchange loss		30,602			-0-
Contingent consideration adjustment		(17,376	)		(95,887	)
Depreciation and amortization		1,669,719			1,233,073
Noncash interest expense		41,799			39,912
Provision for doubtful accounts and sales returns		-0-			26,110
Inventory reserves		76,981			-0-
Deferred income taxes		166,920			128,471
Impairment of goodwill		2,284,499			-0-
(Increase) decrease in:
Accounts receivable, net		(2,107,477	)		497,337
Costs in excess of billings		1,121,344			(273,083	)
Inventories		(134,449	)		(153,320	)
Prepaid expenses and other current assets		(574,652	)		(175,914	)
Increase (decrease) in:
Accounts payable		338,205			151,238
Accrued expenses and other liabilities		470,637			599,621
Deferred revenue		694,672			-0-
Net cash provided by operating activities		693,054			3,892,646

Cash flows from investing activities:
Purchases of property, plant and equipment		(1,018,213	)		(1,543,262	)
Cash paid for acquisition of Biomedical Technologies		-0-			(300,000	)
Net cash used in investing activities		(1,018,213	)		(1,843,262	)

Cash flows from financing activities:
Proceeds from issuance of common stock		63,122			135,302
Payment of debt issuance costs		(56,600	)		-0-
Repayment of long-term debt		(1,860,678	)		(1,858,943	)
Proceeds from long term debt		3,000,000			-0-
Buy back of common stock		(1,857,546	)		-0-
Preferred stock dividends paid		-0-			(79,770	)
Net cash used in financing activities		(711,702	)		(1,803,411	)

Effect of exchange rates on cash and cash equivalents		(28,099	)		121,901

Net change in cash and cash equivalents		(1,064,960	)		367,874

Cash and cash equivalents, beginning		4,479,840			4,111,966
Cash and cash equivalents, ending	$	3,414,880		$	4,479,840

The accompanying notes are an integral part of these consolidated financial statements.

F-7

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 1 – Nature of Operations and Ability to Continue as a Going Concern

Nature of Operations

The Company is primarily engaged in the development, marketing and manufacturing of detection, sensing and analysis technology, precision instruments and optical components as well as contract research. The Company’s products and services are used in a broad range of application markets including the homeland security, industrial and medical markets sectors. The products and services are sold throughout the United States and internationally.

Liquidity

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplates continuation of the Company as a going concern. However, the Company has failed to comply with the financial covenants set forth in the terms of its outstanding agreements and sustained a substantial loss from operations. These factors raise substantial doubt over the Company’s ability to continue as a going concern.

The Company is in default of the financial covenants set forth in the terms of its outstanding indebtedness for its fiscal fourth quarter ended September 30, 2012. These covenants require the Company to maintain specified ratios of earnings before interest, taxes, depreciation and amortization (EBITDA) to fixed charges and to total/senior debt. A default gives the lenders the right to accelerate the maturity of the indebtedness outstanding. Furthermore, Sovereign Bank, N.A, the Company’s senior lender, may, at its option, impose a default interest rate with respect to the senior debt outstanding, which is 5% higher than the rate otherwise in effect. To date, the lenders have not taken any such actions. However, the Company cannot predict when or whether a resolution of this situation will be achieved.

The Company is current with all principal and interest payments due on all its outstanding indebtedness, through January 15, 2013, the date of this filing, and management is actively engaged in discussions with its senior lender to address the financial covenant situation.

Because of the uncertainty of any resolution of the covenant violations and possibility of an acceleration of the indebtedness by the lenders, the Company has reclassified all of its outstanding indebtedness as a current liability for the fiscal year ended September 30, 2012. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and positive cash flows and/or to obtain the necessary financing from shareholders or other sources to meet its obligations and repay its liabilities arising from normal business operations when they become due.

In view of the matters described in the preceding paragraphs, recoverability of a major portion of the recorded asset amounts shown in the accompanying consolidated balance sheet is dependent upon the continued operations of the Company. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence.

The Company has recently taken and will continue to take actions to improve its liquidity, including the implementation of a number of initiatives designed to conserve cash, optimize profitability and right-size the cost structure of its various businesses. The Company has retained Argus Management Corporation and Mirus Capital as financial advisors to assist it in evaluating strategic and restructuring alternatives, including the potential sale of product lines and/or a Company division. While the Company is actively considering such strategic alternatives, there can be no assurances that any such transaction will occur, or, if a transaction is completed, it will be on terms favorable to the Company. The Company does not currently have cash available to satisfy its obligations under its indebtedness if it were to be accelerated or payment demanded. If the Company is not able to resolve its current defaults under its outstanding indebtedness and improve its liquidity through the actions described above, it may not have sufficient liquidity to meet its anticipated cash needs for the next twelve months.

F-8

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 2 – Summary of Significant Accounting Policies

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 amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Dynasil Corporation of America (“Dynasil” or the “Company”) and its wholly-owned subsidiaries: Optometrics Corporation (“Optometrics”), Dynasil International Incorporated, Hibshman Corporation, Evaporated Metal Films Corp (“EMF”), Dynasil Products, formerly known as RMD Instruments Corp. (“Dynasil Products”), Radiation Monitoring Devices, Inc (“RMD”), Hilger Crystals, Ltd (“Hilger”) and Dynasil Biomedical Corp (“Dynasil Biomedical”). All significant intercompany transactions and balances have been eliminated.

Revenue Recognition

Government funded services revenues from cost plus contracts are recognized as costs are incurred on the basis of direct costs plus allowable indirect costs and an allocable portion of the contracts’ fixed fees. Revenue from fixed-type contracts is recognized under the percentage of completion method with estimated costs and profits included in contract revenue as work is performed. Revenues from time and materials contracts are recognized as costs are incurred at amounts represented by agreed billing amounts. Recognition of losses on projects is taken as soon as the loss is reasonably determinable. The Company has an accrual for contract losses in the amount of $90,162 and $0 as of September 30, 2012 and 2011, respectively.

F-9

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 2 – Summary of Significant Accounting Policies (continued)

Allowance for Doubtful Accounts Receivable

The Company performs ongoing credit evaluations of its customers and adjusts credit limits based upon payment history and the customer's current credit worthiness, as determined by a review of their current credit information. The Company continuously monitors collections and payments from our customers and maintains a provision for estimated credit losses based upon historical experience and any specific customer collection issues that have been identified. While such credit losses have historically been minimal, within expectations and the provisions established, the Company cannot guarantee that it will continue to experience the same credit loss rates as in the past. A significant change in the liquidity or financial position of any significant customers could have a material adverse effect on the collectability of accounts receivable and future operating results. When all collection efforts have failed and it is deemed probable that a customer account is uncollectible, that balance is written off against the existing allowance.

Shipping and Handling Costs

The Company includes shipping and handling fees billed to customers in net revenue and corresponding shipping and handling costs incurred in cost of revenues. These amounts were approximately $94,852 and $71,125 during the years ended September 30, 2012 and 2011, respectively.

Research and Development

The Company expenses research and development costs as incurred. Research and development costs include salaries, employee benefit costs, department supplies, direct project costs and other related costs. Research and development costs incurred during the years ended September 30, 2012 and 2011 were $25,235,228 and $23,985,088, respectively. Substantially all of these research and development costs relate to research contracts performed by RMD which are in turn billed to the contracting party. Amounts of research and development included within cost of revenue for the years ended September 30, 2012 and 2011 were $15,410,859 and $14,945,521, respectively. Remaining amounts are recorded within selling, general and administrative expenses on the consolidated statements of operations.

Costs in Excess of Billings and Unbilled Receivables

Costs in excess of billings relates to research and development contracts and consists of actual costs incurred plus fees in excess of billings at provisional contract rates.

Convertible Preferred Stock

The Company considers the guidance of EITF 98-5, "Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios" and EITF 00-27, "Application of Issue No. 98-5 to Certain Convertible Instruments", codified in FASB ASC Topic 470-20 when accounting for the issuance of convertible preferred stock. The Company's convertible preferred stock, when issued, are generally convertible to common stock at or above the then current market price of the Company's common stock and therefore, contain no beneficial conversion feature.

Patent Costs

Costs incurred in filing, prosecuting and maintaining patents (principally legal fees) are expensed as incurred and recorded within selling, general and administrative expenses on the consolidated statements of operations. Such costs aggregated approximately $393,040 and $315,549 for the years ended September 30, 2012 and 2011, respectively.

F-10

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 2 – Summary of Significant Accounting Policies (continued)

Inventories

Inventories are stated at the lower of average cost or market. Cost is determined using the first-in, first-out (FIFO) method and includes material, labor and overhead. Inventories consist primarily of raw materials, work-in-process and finished goods.

A significant decrease in demand for the Company's products could result in a short-term increase in the cost of inventory purchases and an increase of excess inventory quantities on hand. In addition, as technologies change or new products are developed, product obsolescence could result in an increase in the amount of obsolete inventory quantities on hand. Therefore, although the Company makes every effort to ensure the accuracy of its forecasts of future product demand, any significant unanticipated changes in demand or technological developments could have a significant impact on the value of the inventory and reported operating results. The Company records, as a charge to cost of revenues, any amounts required to reduce the carrying value to net realizable value.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost or at fair market value for acquired assets. Depreciation is provided using the straight-line method over the estimated useful lives of the respective assets.

The estimated useful lives of assets for financial reporting purposes are as follows: building and improvements, 8 to 25 years; machinery and equipment, 5 to 10 years; office furniture and fixtures, 5 to 10 years; transportation equipment, 5 years. Maintenance and repairs are charged to expense as incurred; major renewals and betterments are capitalized. When items of property, plant and equipment are sold or retired, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is included in income.

Goodwill

The Company annually assesses goodwill impairment at the end of the fourth quarter of the fiscal year by applying a fair value test. In the first step of testing for goodwill impairment, the Company estimates the fair value of each reporting unit. The reporting units have been determined as RMD which is the Contract Research reportable segment, Dynasil Products which is the Instruments reportable segment and Hilger Crystals, which is a component of the Optics reportable segment. The Company compares the fair value with the carrying value of the net assets assigned to each reporting unit. If the fair value is less than its carrying value, then the Company performs a second step and determines the fair value of the goodwill. In this second step, the fair value of goodwill is determined by deducting the fair value of a reporting unit’s identifiable assets and liabilities from the fair value of the reporting unit as a whole, as if that reporting unit had just been acquired and the purchase price were being initially allocated. If the fair value of the goodwill is less than its carrying value for a reporting unit, an impairment charge is recorded to earnings.

To determine the fair value of each of the reporting units as a whole, the Company uses a discounted cash flow analysis, which requires significant assumptions and estimates about the future operations of each reporting unit. Significant judgments inherent in this analysis include the determination of appropriate discount rates, the amount and timing of expected future cash flows and growth rates. The cash flows employed in the discounted cash flow analyses are based on financial forecasts developed internally by management. The discount rate assumptions are based on an assessment of the Company’s risk adjusted discount rate, applicable for each reporting unit. In assessing the reasonableness of the determined fair values of the reporting units, the Company evaluates its results against its current market capitalization.

F-11

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 2 – Summary of Significant Accounting Policies (continued)

Goodwill (continued)

In addition, the Company evaluates a reporting unit for impairment if events or circumstances change between annual tests indicating a possible impairment. Examples of such events or circumstances include the following:

•

a significant adverse change in legal status or in the business climate,

•

an adverse action or assessment by a regulator,

•

a more likely than not expectation that a segment or a significant portion thereof will be sold, or

•

the testing for recoverability of a significant asset group within the segment.

In connection with the annual fair value test of goodwill, performed at the end of the fourth quarter of fiscal year 2012, the step one analysis indicated that the fair value of Dynasil Products was less than its carrying value. The Company proceeded to a step two analysis, which included valuing the tangible and intangible assets and liabilities of Dynasil Products to determine the implied fair value of goodwill. The result of this assessment indicated that the implied fair value of goodwill was less than its carrying value. As a result, the Company recognized a non-cash, pre-tax charge of $2,284,499 as impairment during the year ended September 30, 2012. See Note 7 for further discussion.

Intangible Assets

The Company's intangible assets consist of acquired customer relationships, trade names, acquired backlog, know-how and provisionally patented technologies. The Company amortizes its intangible assets with definitive lives over their useful lives, which range from 4 to 15 years, based on the time period the Company expects to receive the economic benefit from these assets.

The Company has a trade name related to its UK subsidiary that has been determined to have an indefinite life and is therefore not subject to amortization and is reviewed at least annually for potential impairment. The fair value of the Company’s trade name is estimated and compared to its carrying value to determine if impairment exists. The Company estimates the fair value of this intangible asset based on an income approach using the relief-from-royalty method. This methodology assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of this asset. This approach is dependent on a number of factors, including estimates of future sales, royalty rates in the category of intellectual property, discount rates and other variables. Significant differences between these estimates and actual results could materially affect the Company’s future financial results.

Recovery of Long-Lived Assets

The Company continually assesses whether events or changes in circumstances have occurred that may warrant revision of the estimated useful lives of its long-lived assets (other than goodwill) or whether the remaining balances of those assets should be evaluated for possible impairment. Long-lived assets include, for example, customer relationships, trade names, backlog, know-how and provisionally patented technologies. Events or changes in circumstances that may indicate that an asset may be impaired include the following:

•

a significant decrease in the market price of an asset or asset group,

•

a significant adverse change in the extent or manner in which an asset or asset group is being used or in its physical condition,

•

a significant adverse change in legal factors or in the business climate that could affect the value of an asset or asset group, including an adverse action or assessment by a regulator,

F-12

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 2 – Summary of Significant Accounting Policies (continued)

Recovery of Long-Lived Assets (continued)

•

an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset,

•

a current period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group,

•

a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life, or

•

an impairment of goodwill at a reporting unit.

If an impairment indicator occurs, the Company performs a test of recoverability by comparing the carrying value of the asset or asset group to its undiscounted expected future cash flows. The Company groups its long-lived assets for this purpose at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets or asset groups. If the carrying values are in excess of undiscounted expected future cash flows, the Company measures any impairment by comparing the fair value of the asset or asset group to its carrying value.

To determine fair value the Company uses discounted cash flow analyses and estimates about the future cash flows of the asset or asset group. This analysis includes a determination of an appropriate discount rate, the amount and timing of expected future cash flows and growth rates. The cash flows employed in the discounted cash flow analyses are typically based on financial forecasts developed internally by management. The discount rate used is commensurate with the risks involved. The Company may also rely on third party valuations and or information available regarding the market value for similar assets.

If the fair value of an asset or asset group is determined to be less than the carrying amount of the asset or asset group, impairment in the amount of the difference is recorded in the period that the impairment occurs. Estimating future cash flows requires significant judgment and projections may vary from the cash flows eventually realized.

Fair Value Measurements

The Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements.

Under the FASB’s authoritative guidance on fair value measurements, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Fair Value Measurements Topic of the FASB Accounting Standards Codification establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date.

Assets and liabilities measured at fair value are to be categorized into one of the three hierarchy levels based on the inputs used in the valuation. The Company classifies assets and liabilities in their entirety based on the lowest level of input significant to the fair value measurement. There were no transfers between levels for all periods presented. The three levels are defined as follows:

Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Observable inputs based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets.

F-13

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 2 – Summary of Significant Accounting Policies (continued)

Fair Value Measurements (continued)

Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

At September 30, 2012, the Company’s assets recorded at fair value on a nonrecurring basis include goodwill. See Notes 7 and 8 for fair value and related fair value disclosures for goodwill at September 30, 2012.

The FASB fair value guidance also applies to certain assets that indirectly impact the consolidated financial statements, including pension plan assets. While the Company does not have direct control over these assets, the Company is indirectly impacted by subsequent fair value adjustments to these assets and the actual return on these assets not only affects the net periodic benefit cost but also the amount included in the consolidated balance sheet. The Company uses the fair value hierarchy to measure the fair value of assets held in the pension plan. See Note 12 for related fair value disclosures.

Deferred Financing Costs

Deferred financing costs, net of $165,457 and $150,656 at September 30, 2012 and 2011 include accumulated amortization of $90,697 and $48,898, respectively. Amortization expense for the years ended September 30, 2012 and 2011 was $41,799 and $39,912, respectively, and was recorded as interest expense. Future amortization will be $51,228 in fiscal 2013 and fiscal 2014, $42,236 in fiscal 2015, $11,316 in fiscal 2016 and $9,449 in fiscal 2017.

Advertising

The Company expenses all advertising costs as incurred. Advertising expense for the years ended September 30, 2012 and 2011 was $118,250 and $246,426.

Deferred Rent

Deferred rent consists of the excess of the allocable straight line rent expense to date as compared to the total amount of rent due and payable through such period. Deferred rent is recorded as a reduction to rent expense over the term of the lease. Deferred rent was $48,833 and $96,840 as of September 30, 2012 and 2011 and is included in accrued expenses and other liabilities.

Retirement Plans

The Company has retirement savings plans available to substantially all full time employees which are intended to qualify as deferred compensation plans under Section 401(k) of the Internal Revenue Code (the “401k Plans”). Pursuant to the 401k Plans, employees may contribute up to the maximum amount allowed by the 401k Plans or by law. The Company at its sole discretion may from time to time make discretionary matching contributions as it deems advisable. The Company’s EMF subsidiary has a defined benefit pension plan covering hourly employees. The plan provides defined benefits based on years of service and final average salary. As of September 30, 2006, the plan was frozen. The Company may make contributions to the plan to satisfy minimum Employee Retirement Income Security Act (“ERISA”) funding requirements. Pension costs and obligations are calculated using various actuarial assumptions and methodologies as prescribed under ASC 715. To assist in developing these assumptions and methodologies, the Company uses the services of an independent consulting firm. To determine the benefit obligations, the assumptions the Company uses include, but are not limited to, the selection of the discount rate.

F-14

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 2 – Summary of Significant Accounting Policies (continued)

Retirement Plans (continued)

The projected unit credit cost method is used to calculate each member’s plan benefit as it accrues recognizing future salary increases (if applicable) to assumed retirement age. Each member’s service cost is the present value of the benefit which will accrue during the year using expected future salary for salary related benefits. The projected benefit obligation (PBO) is the present value of projected benefits based on service accrued to date. In accordance with authoritative guidance, the Company recognizes the funded status of the plan in its financial statements and the gains or losses and prior service costs or credits that arise during the period, but are not recognized as components of net periodic cost, as a component of other comprehensive income, net of tax.

Income Taxes

Dynasil Corporation of America and its wholly owned U.S. subsidiaries file a consolidated federal income tax return and various state returns. The Company’s U.K. subsidiary files tax returns in the U.K.

The Company uses the asset and liability approach to account for deferred income taxes. Under this approach, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and net operating loss and tax credit carry-forwards. The amount of deferred taxes on these temporary differences is determined using the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on tax rates, and tax laws, in the respective tax jurisdiction then in effect.

In assessing the ability to realize the net deferred tax assets, management considers various factors including taxable income in carryback years, future reversals of existing taxable temporary differences, tax planning strategies and projections of future taxable income, to determine whether it is more likely than not that some portion or all of the net deferred tax assets will not be realized. Based upon the Company’s current losses and uncertainty of future profits, the Company has determined that the uncertainty regarding the realization of these assets is sufficient to warrant the need for a full valuation allowance against its U.S. net deferred tax assets.

The Company applies the authoritative provisions related to accounting for uncertainty in income taxes. As required by these provisions, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more-likely-than-not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being reached upon ultimate settlement with the relevant tax authority. As of September 30, 2012 and 2011, the Company has no unrecorded liabilities for uncertain tax positions. Interest and penalty charges, if any, related to uncertain tax positions would be classified as income tax expense in the accompanying consolidated statement of operations. As of September 30, 2012 and 2011, the Company had no accrued interest or penalties related to uncertain tax positions.

Earnings Per Common Share

Basic earnings (loss) per common share is computed by dividing the net income applicable or loss attributable to common shares after preferred dividends paid, if applicable, by the weighted average number of common shares outstanding during each period. Diluted earnings per common share adjusts basic earnings per share for the effects of common stock options, common stock warrants, convertible preferred stock and other potential dilutive common shares outstanding during the periods.

For the year ended September 30, 2012, 922,317 shares of potential common stock related to restricted stock and stock options were excluded from the calculation of dilutive shares since there was a loss from operations and the inclusion of potential shares would be anti-dilutive. If the Company had not been in a loss position as of September 30, 2012, 127,834 shares of restricted stock would have been considered in the denominator used to calculate diluted earnings per common share.

F-15

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 2 – Summary of Significant Accounting Policies (continued)

Earnings Per Common Share (continued)

For purposes of computing diluted earnings per share for the year ended September 30, 2011, 194,778 common share equivalents were assumed to be outstanding.

The computations of the weighted shares outstanding for the years ended September 30 are as follows:

	2012		2011
Weighted average shares outstanding
Common Stock		14,811,294		14,932,226
Effect of dilutive securities
Stock Options		-0-		194,778
Dilutive Average Shares Outstanding		14,811,294		15,127,004

Stock Based Compensation

Stock-based compensation cost is measured using the fair value recognition provisions of the FASB authoritative guidance, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors, including employee stock options, based on estimated fair values. Stock-based compensation cost is measured at the grant date based on the value of the award and is recognized over the requisite service period of the award.

Foreign Currency Translation

The operations of Hilger, the Company’s foreign subsidiary, use their local currency as its functional currency. Assets and liabilities of the Company’s foreign operations, denominated in their local currency, Great Britain Pounds (GBP), are translated at the rate of exchange at the balance sheet date. Revenue and expense accounts are translated at the average exchange rates during the period. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are included in the foreign currency translation adjustment, a component of accumulated other comprehensive income in stockholders’ equity. Gains and losses generated by transactions denominated in foreign currencies are recorded in the accompanying statement of operations in the period in which they occur.

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Accumulated comprehensive income (loss) represents cumulative translation adjustments related to Hilger Crystals, the Company’s foreign subsidiary and cumulative adjustments pertaining to the Company’s Defined Benefit Pension Plan. The Company presents comprehensive income and losses in the consolidated statements of operations and comprehensive income (loss).

Financial Instruments

The carrying amount reported in the balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of the immediate or short-term maturity of these financial instruments. The carrying amounts for fixed rate long-term debt and variable rate long term debt approximate fair value because the underlying instruments are primarily at current market rates available to the Company for similar borrowings.

F-16

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 2 – Summary of Significant Accounting Policies (continued)

Financial Instruments (continued)

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. In the normal course of business, the Company extends credit to certain customers. Management performs initial and ongoing credit evaluations of their customers and generally does not require collateral.

Concentration of Credit Risk

The Company maintains allowances for potential credit losses and has not experienced any significant losses related to the collection of its accounts receivable. As of September 30, 2012 and 2011, approximately $1,608,073 and $1,762,872 or 28% and 24% of the Company’s accounts receivable are due from foreign sales.

The Company maintains cash and cash equivalents at various financial institutions in New Jersey, Massachusetts and New York. Accounts at each institution are insured by the Federal Deposit Insurance Corporation up to $250,000. At September 30, 2012 and 2011, the Company's uninsured bank balances totaled $3,022,713 and $3,308,182. The Company has not experienced any significant losses on its cash and cash equivalents.

New Accounting Pronouncements

In June 2011, the FASB issued Accounting Standards Update 2011-05 (“ASU 2011-05”), Comprehensive Income (Topic 220), Presentation of Comprehensive Income. ASU 2011-05 eliminates the current option to report other comprehensive income and its components in the statement of changes in stockholder’s equity. In addition, the new guidance requires consecutive presentation of the statement of net income and other comprehensive income with the presentation of reclassification adjustments from other comprehensive income to net income on the face of the financial statements. In December 2011, the FASB issued Accounting Standards Update 2011-12 (“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, which is an update to ASU 2011-05. This amendment indefinitely defers the guidance relating to the presentation of reclassification adjustments. ASUs 2011-05 and 2011-12 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, with early adoption permitted. The Company adopted ASU 2011-05 effective March 31, 2012 with the effect being a change in financial statement presentation. The Company will adopt ASU 2011-12 on October 1, 2012. The Company does not expect the adoption of the new disclosure requirements to have a material impact on its disclosures or consolidated financial position, results of operations or cash flows.

In September 2011, the FASB issued Accounting Standards Update 2011-08 (“ASU 211-08”), Intangibles—Goodwill and Other (Topic 350), Testing Goodwill for Impairment, to simplify how entities test goodwill for impairment. ASU 2011-08 allows entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If a greater than 50 percent likelihood exists that the fair value is less than the carrying amount, then a two-step goodwill impairment test as described in Topic 350 must be performed. The qualitative assessment is optional, allowing companies to go directly to the quantitative assessment. The guidance provided by this update becomes effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, with early adoption permitted. This new standard will be effective for the Company beginning in fiscal 2013. The Company does not expect the adoption to have a material impact on its consolidated financial statements.

F-17

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 2 – Summary of Significant Accounting Policies (continued)

New Accounting Pronouncements (continued)

Specifically, the amendments clarify the application of existing fair value measurement and disclosure requirements, including: a) application of the highest and best use and valuation premise concepts, b) measurement of the fair value of an instrument classified in a reporting entity's shareholders equity, and c) quantitative disclosure about the unobservable inputs used in a fair value measurement that is categorized within Level 3 of the fair value hierarchy. The amendments also change a particular principle or requirement for fair value measurement and disclosure, including: a) measurement of the fair value of financial instruments that are managed within a portfolio, b) application of premiums and discounts in a fair value measurement, and c) additional disclosure about fair value measurements. This new standard will be effective for the Company beginning in fiscal 2013 and the Company does not expect the adoption to have a material impact on its consolidated financial statements.

Cash and Cash Equivalents

The Company generally considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

Reclassifications

Certain amounts as previously reported have been reclassified to conform to the current year financial statement presentation.

Note 3 – Business Acquisitions – Dynasil Biomedical

On April 14, 2011, Dynasil announced the incorporation of Dynasil Biomedical Corp. as a new business unit to pursue opportunities in the medical field. It is located in Rochester, Minnesota and Dr. Daniel Ericson joined Dynasil Biomedical as Scientific Lead with responsibility for research and development. Dynasil Biomedical completed the purchase of Dr. Ericson’s rights to six biomedical technologies invented or co-invented by him for a purchase price of $300,000, together with certain rights to royalty and milestone payments if these technologies are successfully developed. Dr. Ericson previously worked at the Mayo Clinic and several of the assigned technologies are jointly owned with that institution. The total purchase price of $300,000 was allocated to identifiable intangible assets based on the estimated fair value. The acquisition was not material; therefore, no proforma disclosures are presented in the consolidated financial statements. The results of Dynasil Biomedical have been included in the consolidated financial statements from April 14, 2011, the effective date of the acquisition.

Note 4 – Inventories

Inventories, net of reserves, at September 30, 2012 and 2011 consisted of the following:

	September 30,		September 30,
	2012		2011
Raw Materials	$	2,096,681	$	2,149,401
Work-in-Process		885,328		757,709
Finished Goods		289,691		343,429
	$	3,271,700	$	3,250,539

F-18

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 5 - Property, Plant and Equipment

Property, plant and equipment at September 30, 2012 and 2011 consist of the following:

	2012			2011
Land	$	185,445		$	182,812
Building and improvements		3,381,094			2,843,843
Machinery and equipment		7,173,520			6,892,690
Office furniture and fixtures		437,755			264,689
Transportation equipment		53,419			53,419
		11,231,234			10,237,453
Less accumulated depreciation		(6,247,084	)		(5,377,125	)
	$	4,984,150		$	4,860,328

Depreciation expense for the years ended September 30, 2012 and 2011 was $865,789 and $636,253.

Note 6 – Intangible Assets

Intangible assets at September 30, 2012 and 2011 consist of the following:

	Useful	Gross		Accumulated
September 30, 2012	Life (years)	Amount		Amortization		Net
Acquired Customer Base	5-15	$	7,858,775	$	2,257,533	$	5,601,242
Know How	15		512,000		145,147		366,853
Trade Names	15 - Indefinite		558,435		63,222		495,213
Backlog	4		182,000		182,000		-0-
Biomedical Technologies	5		300,000		60,003		239,997
		$	9,411,210	$	2,707,905	$	6,703,305

	Useful	Gross		Accumulated
September 30, 2011	Life (years)	Amount		Amortization		Net
Acquired Customer Base	5-15	$	7,830,117	$	1,617,596	$	6,212,521
Know How	15		512,000		110,933		401,067
Trade Names	15 - Indefinite		546,240		48,622		497,618
Backlog	4		182,000		126,700		55,300
Biomedical Technologies	5		300,000		-0-		300,000
		$	9,370,357	$	1,903,851	$	7,466,506

Amortization expense for the years ended September 30, 2012 and 2011 was $802,511 and $596,820 respectively. Estimated amortization expense for each of the next five fiscal years is as follows:

	2013		2014		2015		2016		2017		Thereafter		Total
Acquired Customer Base	$	542,615	$	542,615	$	542,615	$	542,615	$	542,615	$	2,888,167	$	5,601,242
Know How		34,133		34,133		34,133		34,133		34,133		196,188		366,853
Trade Names		14,600		14,600		14,600		14,600		14,600		81,992		154,992
Biomedical Technologies		60,000		60,000		60,000		59,997		-0-		-0-		239,997
	$	651,348	$	651,348	$	651,348	$	651,345	$	591,348	$	3,166,347	$	6,363,084

F-19

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 7 – Goodwill

The changes to goodwill during the year ended September 30, 2012 are summarized as follows:

	Contract
	Research		Optics		Instruments			Total
Goodwill at September 30, 2011	$	4,938,625	$	1,283,775	$	6,299,571		$	12,521,971
Goodwill impairment on Dynasil Products		-		-		(2,284,499	)		(2,284,499	)
Currency translation on Hilger Crystals		-		16,688		-			16,688
Goodwill at September 30, 2012	$	4,938,625	$	1,300,463	$	4,015,072		$	10,254,160

The Company performs an annual assessment of goodwill impairment at the end of the fourth quarter of the fiscal year. The first step (defined as “Step 1”) of the goodwill impairment test, used to identify potential impairment, compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired, thus the second step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test must be performed to measure the amount of impairment loss, if any.

In the Step 1 testing for goodwill impairment, the Company estimates the fair value of each reporting unit, which have been determined to be RMD, Dynasil Products and Hilger Crystals. The estimated fair value of each reporting unit is compared with the carrying value of the net assets assigned to each reporting unit. The sum of the fair values of the reporting units is reconciled to the Company’s market capitalization (based on the Company’s stock price) plus an estimated control premium. The discounted cash flow method is used to measure the fair value of the Company’s equity under the income approach for each reporting unit. Determining the fair value using a discounted cash flow method requires significant estimates and assumptions, including market conditions, discount rates, and long-term projections of cash flows. The Company’s estimates are based upon historical experience, current market trends, projected future volumes and other information. The Company believes that the estimates and assumptions underlying the valuation methodology are reasonable; however, different estimates and assumptions could result in a different estimate of fair value. In estimating future cash flows, the Company relies on internally generated projections for a defined time period for revenue and operating profits, including capital expenditures, changes in net working capital, and adjustments for non-cash items to arrive at the free cash flow available to invested capital. A terminal value utilizing a constant growth rate of cash flows is used to calculate a terminal value after the explicit projection period. The future projected cash flows for the discrete projection period and the terminal value are discounted at a risk adjusted discount rate to determine the fair value of the reporting unit.

In fiscal year 2012, the Step 1 test resulted in the determination that the carrying value of equity exceeded the fair value of equity for the Dynasil Products reporting unit, thus requiring the Company to measure the amount of any goodwill impairment by performing the second step of the impairment test. The reasons for this outcome were the continued deterioration of the equity and credit markets and the economy and lower operating projections and their related impact on (i) projected near term cash flows and (ii) an increase in the Company’s risk adjusted discount rate.

The second step (defined as “Step 2”) of the goodwill impairment test, used to measure the amount of impairment loss, compares the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of the Company’s goodwill exceeds the implied fair value of that goodwill, an impairment loss shall be recognized in an amount equal to that excess. The loss recognized cannot exceed the carrying amount of goodwill. After a goodwill impairment loss is recognized, the adjusted carrying amount of goodwill becomes its new accounting basis. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined. The excess of the fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied amount of goodwill. The Company estimates the fair value of several tangible and intangible assets during the process that are valued during this process. Intangible assets included customer relationships and trade names. For intangible assets, the Company selected an

F-20

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 7 – Goodwill (continued)

income approach to value the customer relationships, and trade names. The customer relationships are valued using the multi-period excess earnings method under the income approach, which estimates the fair value of the asset by discounting the future projected earnings of the asset to present value as of the valuation date. The trade names were valued using a relief from royalty method.

The Step 2 test performed as of September 30, 2012 resulted in the impairment of goodwill of $2,284,499. As a result the Company recognized a non-cash pre-tax charge of $2,284,499 for the quarter ended September 30, 2012, to write-off a portion of the carrying value of the Dynasil Products goodwill. The Company also performed a sensitivity analysis on certain key assumptions in the Step 2 test. Changes in the underlying assumptions were not deemed to have a material impact on the conclusion.

As of September 30, 2012, the Company determined that the indicated fair value of the RMD reporting unit exceeds its carrying value by more than 19% which the Company believes substantially exceeds the carrying value. The indicated fair value of the Hilger Crystals reporting unit exceeded its carrying value by 17%.

The Step 1 test for the RMD reporting unit and the resulting calculation of the indicated fair value was performed as described above based on certain specific assumptions. The Company relied on a weighted average cost of capital of approximately 13% for this reporting unit which takes into consideration certain industry and specific premiums. The Company utilized a long term growth rate of approximately 3.0% for this reporting unit which considers industry research and management’s representations as to the prospects for long term growth in this industry. The long term growth assumed in the model represents consistent growth. The Company assumed a tax rate of 38.5% in the model which is based on our historical effective tax rate with some consideration given to rates observed within the industry as well.

The Step 1 test for the Hilger Crystal reporting unit and the resulting calculation of the indicated fair value was performed as described above based on certain specific assumptions. The Company relied on a weighted average cost of capital of 17.28% for this reporting unit which takes into consideration certain industry and specific premiums. The Company utilized a long term growth rate of approximately 3.0% for this reporting unit which considers industry research and management’s representations as to the prospects for long term growth in this industry. The long term growth assumed in the model represents consistent growth. The Company assumed a tax rate of 24.0% in the model which is based on our historical effective tax rate with some consideration given to rates observed within the industry as well.

Note 8 – Fair Value Measurement

Assets measured at fair value on a nonrecurring basis at September 30, 2012 included the following:

Fair Value Measurements Using Inputs Considered as

		Fair Value at September 30, 2012				Level 1				Level 2				Level 3
Goodwill (Dynasil Products Reporting Unit)		$	4,015,072				-				-			$	4,015,072

F-21

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Goodwill for the Dynasil Products reporting unit was deemed to be impaired and written down to its fair value of $4,015,072 at September 30, 2012. The fair value measurement was calculated using a discounted cash flow approach, which includes unobservable inputs classified as Level 3 within the fair value hierarchy. The amount and timing of future cash flows was based on the Company’s most recent operational budgets. The Company uses the assistance of an independent consulting firm to develop valuation assumptions. See Note 2 for additional disclosures on goodwill impairment.

There were no assets or liabilities measured at fair value on a nonrecurring basis at September 30, 2011.

Note 9 – Debt

Bank Debt

The Company has a Loan and Security Agreement (the "Bank Loan Agreement") with Sovereign Bank, N.A. (“Sovereign”, the “Bank” or the “Lender”) that provides three borrowing facilities: a five-year $9 million term loan (the "Term Loan") at an interest rate of 5.58%; a $3 million working capital line of credit (the "Working Capital Line of Credit") at an interest rate of Prime or one month LIBOR plus 2.75% and a monthly fee calculated at the rate of 0.25% per annum of the unused Working Capital Line of Credit; and a $5 million acquisition line of credit (the "Acquisition Line of Credit") at an interest rate of one month LIBOR plus 3.5% and a monthly fee calculated at the rate of 0.25% per annum of the unused Acquisition Line of Credit. Interest on advances under the Working Capital Line of Credit is payable monthly and such advances were required to be repaid in full by July 7, 2012 in accordance with the terms of the agreement. The Acquisition Line of Credit is available to Dynasil for future acquisitions under the terms specified in the Bank Loan Agreement. Advances under the Acquisition Line of Credit are repayable monthly based on a 7-year straight line amortization plus interest, with a balloon payment due on July 7, 2015.

Dynasil's obligations under the Bank Loan Agreement are guaranteed by EMF, Optometrics, Dynasil Products, RMD Research and Dynasil and each of such subsidiaries have granted the bank a security interest in substantially all its personal property. In addition, EMF has granted a mortgage in the Bank's favor as to EMF's leasehold property in Ithaca, New York and 65% of the outstanding shares of Hilger are pledged as collateral to the Bank. The Bank Loan Agreement also requires maintenance of certain financial and nonfinancial covenants.

The Term Loan is to be repaid with equal principal payments of $107,142.85 per month plus interest and matures on July 7, 2015.

The Company borrowed $4 million under the Acquisition Line of Credit to fund the acquisition of Hilger Crystals in July 2010. The Acquisition Loan is to be repaid with equal principal payments of $47,619 per month and matures on July 7, 2015.

As of September 30, 2012, the Company had no funds available under the Working Capital or Acquisition Lines of Credit. As of September 30, 2011, the Company had $3,000,000 and $1,000,000 available under the Working Capital and Acquisition Lines of Credit, respectively.

On June 29, 2012, the Company entered into a letter agreement (the “Waiver Letter”) with the Bank as well as Amendment No. 3 to the Loan and Security Agreement, dated July 7, 2010 as amended on April 1, 2011 and April 12, 2012 (the “Original Loan Agreement”). Under the Waiver Letter, the Lender agreed to waive non-compliance by the Company with certain financial covenants under the Bank Loan Agreement as of June 30, 2012, subject to the Company’s compliance with the terms of Amendment No. 3, including the requirement that the Company would raise, on or before September 30, 2012, at least $2,000,000 in gross proceeds from the sale of its capital stock and/or the incurrence of new indebtedness which is subordinated to the indebtedness in favor of the Lender, on terms and conditions acceptable to the Lender in its sole discretion.

Amendment No. 3 to the Bank Loan Agreement also included revisions to certain financial covenants as follows.

F-22

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Amendment to Leverage Ratio Covenants

Note 9 – Debt (continued)

Bank Debt (continued)

The Amendment also includes a new Consolidated Maximum Adjusted Leverage Ratio covenant, which is Consolidated Total Funded Debt (excluding subordinated debt) to Consolidated EBITDA, as defined in the Amendment. The Amendment requires the Company to maintain a Consolidated Maximum Adjusted Leverage Ratio equal to or less than (i) 3.25x to 1.00x for each of the rolling four quarter periods ending on September 30, 2012 and December 31, 2012, and (ii) 3.00x to 1.00x for each rolling four quarter period ending on or after March 31, 2013.

Amendment to Fixed Charge Coverage Ratio Covenants

The Consolidated Fixed Charge Coverage Ratio is defined as Consolidated EBITDA (as defined in the Amendment) for the applicable period divided by the sum of (a) the Company’s consolidated interest expense for such period, plus (b) the aggregate principal amount of scheduled payments on the Company’s indebtedness made during such period (excluding any repayment of the Entine Indebtedness discussed below), plus (c) the sum of all cash dividends and other cash distributions to the Company’s shareholders during such period, plus (d) the sum of all taxes paid in cash by the Company during such period, less (e) up to $75,000 paid to the IRS, to the extent characterized as interest expense, in connection with certain historical tax filings (the “IRS Payments”).

For the purposes of calculating the Consolidated Fixed Charge Coverage Ratio, Consolidated EBITDA will be (i) at September 30, 2012, the actual Consolidated EBITDA for the 3 months then ended times 4; (ii) at December 31, 2012, the actual Consolidated EBITDA for the 6 months then ended times 2; and (iii) at March 31, 2013, the actual Consolidated EBITDA for the 9 months then ended times 4/3 (provided that the add-backs for Entine Indebtedness discussed below repayment and the IRS Payments are not annualized).

See Current Debt Status below for discussion on Company default of these covenants as of September 30, 2012.

F-23

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Subordinated Debt

On July 31, 2012, the Company entered into a Note Purchase Agreement (the “Agreement”) with Massachusetts Capital Resource Company (“MCRC”). Pursuant to the terms of the Agreement, the Company issued and sold to MCRC a $3,000,000 subordinated note (the “Subordinated Note”) for a purchase price of $3,000,000.

The Subordinated Note matures on July 31, 2017, unless accelerated pursuant to an event of default. The Subordinated Note bears interest at the rate of ten percent (10%) per annum, with interest to be payable monthly on the last day of each calendar month in each year, the first such payment was due and paid on August 31, 2012. Under the terms of the Agreement, beginning on and with September 30, 2015, and on the last day of each calendar month thereafter through and including July 31, 2017, the Note 9 – Debt (continued)

Subordinated Debt (continued)

Company will redeem, without premium, $130,434 in principal amount of the Subordinated Note together with all accrued and unpaid interest then due on the amount redeemed.

See Current Debt Status below for discussion on Company default of these covenants as of September 30, 2012.

Put Obligation

On February 27, 2012, Dr. Gerald Entine, a former owner of RMD Instruments, LLC and RMD Instruments Corp. (collectively, “RMD”), exercised a put right to require the repurchase of a total of 928,773 shares of Company common stock held by certain entities affiliated with Dr. Entine (collectively, “Entine”) for an aggregate purchase price of $1,857,546 (the “Entine Indebtedness”). This put right originated from the Company’s acquisition of RMD in July 2008 and is set forth in the Asset Purchase Agreement dated July 1, 2008 by and among the Company, RMD Instruments Corp., RMD Instruments, LLC and Gerald Entine 1988 Family Trust and the other parties named therein.

On June 7, 2012 the Company issued the Entine entities three separate promissory notes (the “Entine Promissory Notes”) for $1,857,546 which satisfied the put obligation. The Entine Promissory Notes had a three-year term with an interest rate of 10% per annum. In August 2012, the Company used a portion of the proceeds of the Subordinated Note (discussed above) to repay the Entine Promissory Notes in the aggregate principal amount of $1,857,546.

Current Debt Status

The Company is in default of certain financial covenants set forth in the terms of its outstanding indebtedness as of September 30, 2012. The Company continues to be current with all principal and interest payments due on all its outstanding indebtedness. Based on the covenant default situation, the Company has reclassified all of its outstanding indebtedness as current liabilities.

F-24

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 9 – Debt (continued)

Current Debt Status (continued)

Debt at September 30, 2012 and 2011 is summarized as follows:

	2012			2011
Note payable to bank in monthly installments of $107,143 through July, 2015 followed by a balloon payment of the remaining principal amount. The interest rate is fixed at 5.58% for the life of the loan, and the note is secured by substantially all assets.		6,214,286			7,500,000

Note payable to bank in monthly installments of $47,619 through July, 2015 followed by a balloon payment of the remaining principal amount. The interest rate is floating based on one month LIBOR plus 3.5%. The rate at September 30, 2012 was 3.79%. The rate at September 30, 2011 was 3.76%, and the note is secured by substantially all assets.		2,761,905			3,333,333

Subordinated note payable to Masschusetts Capital Resource Corporation in monthly installments of $25,000 through July, 2015 for interest only, followed by monthly payments of interest and principle through July 2018. The interest rate is fixed at 10.00% for the life of the loan.	$	3,000,000		$	0

Note payable to Ithaca Urban Renewal Agency for Lease of land in Ithaca, New York for 99 years with the options to purchase said land for $26,640 after May 2008.		8,301			11,837
Total Debt	$	11,984,492		$	10,845,170
Less current portion		(11,984,492	)		(1,859,728	)
Long term portion	$	0		$	8,985,442

As previously disclosed, all outstanding indebtedness as of September 30, 2012 has been classified as current based on default of covenants; however the aggregate maturities of debt based on the payment terms of the agreement are as follows:

For the years ending on September 30:
	2013	$	1,865,444
	2014		1,857,143
	2015		5,261,905
	2016		1,565,208
	2017		1,434,792
		$	11,984,492

Note 10 – Income Taxes

Income (loss) before the provision (benefit) for income taxes consists of the following:

	2012			2011
US	$	(4,014,238	)	$	2,184,381
Foreign		(330,549	)		(539,538	)
Total	$	(4,344,787	)	$	1,644,843

F-25

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 10 – Income Taxes (continued)

The provision (benefit) for income taxes in the accompanying consolidated financial statements consists of the following:

	2012			2011
Current
Federal	$	(374,432	)	$	215,128
State		112,024			172,883
Foreign		65,318			(223,284	)
	$	(197,090	)	$	164,727

Deferred
Federal		200,313			176,535
State		59,351			(35,400	)
Foreign		(103,598	)		(12,664	)
		156,066			128,471
Income tax expense (benefit)	$	(41,024	)	$	293,198

A reconciliation of the federal statutory rate to the Company's effective tax rate is as follows:

	2012			2011
Tax due at statutory rate		34.00	%		34.00	%

State tax provision, net of federal		5.22	%		7.79	%
Valuation allowance		-35.98	%		0.00	%
Permanent differences		-0.86	%		-1.77	%
Tax credits generated		0.50	%		-24.83	%
Foreign rate differential and other		-1.93	%		2.62	%
Total		0.95	%		17.81	%

The Company’s effective tax rate differs from the federal, statutory rate in 2012 primarily due to a full valuation allowance on the U.S. deferred tax assets recorded during the year. The Company’s effective tax rate differs from the statutory rate in 2011 primarily due to benefits recorded for federal and state research and experimentation credits generated from a multiple year study completed during the year. The tax rate benefit related to research and experimentation credits is lower in 2012 mainly due to the fact that 2011 reflects credits from multiple years and from the federal research and experimentation credit law not being extended as of September 30, 2012.

F-26

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 10 – Income Taxes (continued)

Net deferred tax assets (liabilities) consisted of the following at September 30, 2012:

	Domestic			Foreign			Worldwide

Credits		1,362,543			-			1,362,543
NOLs		170,522			41,868			212,390
Stock compensation		170,362			-			170,362
Accruals		497,335			-			497,335
Intangibles		73,681			-			73,681
Other		205,154			-			205,154
Gross deferred tax assets		2,479,597			41,868			2,521,465

Valuation allowance		(1,700,949	)		-			(1,700,949	)
Deferred tax assets, net		778,648			41,868			820,516

Depreciation		(778,648	)		(65,948	)		(844,596	)
Intangibles		-			(220,989	)		(220,989	)
Gross deferred tax liabilities		(778,648	)		(286,937	)		(1,065,585	)

Net deferred tax asset (liability)		-			(245,069	)		(245,069	)

Net deferred tax assets (liabilities) consisted of the following at September 30, 2011:

	Domestic			Foreign			Worldwide

Credits		969,000			-			969,000
NOLs		-			-			-
Stock compensation		-			45,752			45,752
Accruals		193,300			-			193,300
Intangibles		-			-			-
Other		280,764			-			280,764
Gross deferred tax assets		1,443,064			45,752			1,488,816

Valuation allowance		-			-			-
Deferred tax assets, net		1,443,064			45,752			1,488,816

Depreciation		(623,100	)		(110,452	)		(733,552	)
Intangibles		(560,300	)		(283,967	)		(844,267	)
Gross deferred tax liabilities		(1,183,400	)		(394,419	)		(1,577,819	)

Net deferred tax asset (liability)		259,664			(348,667	)		(89,003	)

F-27

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 10 – Income Taxes (continued)

As of September 30, 2012 and 2011, the Company has no federal net operating losses. As of September 30, 2012 and 2011 the Company has state net operating losses of $2,764,000 and $863,000, respectively. The state net operating losses begin expiring in 2031. At September 30, 2012 and 2011, the Company has foreign net operating loss carryforwards of approximately $182,000 which can be carried forward indefinitely.

As of September 30, 2012 and 2011, the Company has federal research credits of $1,203,000 and $1,000,000, respectively. The federal credits begin expiring in fiscal year 2028. As of September 30, 2012 and 2011, the Company has state research credits of $197,000 and $212,000, respectively. The state credits begin expiring in fiscal year 2023.

As of September 30, 2012 and 2011, the Company has no unrecorded liabilities for uncertain tax positions. Interest and penalty charges, if any, related to uncertain tax positions would be classified as income tax expense in the accompanying consolidated statement of operations. As of September 30, 2012 and 2011, the Company has no accrued interest or penalties related to uncertain tax positions.

The Company is subject to taxation in the United States and the United Kingdom. At September 30, 2012, domestic tax years from fiscal 2009 through fiscal 2012 remain open to examination by the taxing authorities and tax years 2011 and 2012 remain open in the United Kingdom.

Note 11 – Stockholders’ Equity

Convertible Preferred Stock

On July 5, 2008 the Company sold 5,256,000 shares of a Series C 10% Cumulative Convertible Preferred Stock (the "Series C Preferred Stock") in a private placement. Proceeds of the Series C Preferred Stock were primarily used for the acquisition of RMD, for related acquisition costs, and for general working capital. The stock was sold at a price of $1.00 per share and total expenses for the stock placement were $0 and no underwriting discounts or commissions were paid in connection with the sale. Each share of preferred stock carried a 10% per annum dividend and was convertible to 0.40 shares of common stock at any time by the holders. The Company offered the Series C Preferred Stock holders the option to receive dividends in cash or in common stock at $2.50 per share subject to a maximum of 480,000 shares that could be issued under this arrangement, of which 122,308 shares were issued. These shares were callable after two years by Dynasil at a redemption price of $1.05 per share. On December 21, 2010, Dynasil converted all these shares into its common stock, $0.0005 par value per share at a conversion price of $2.50 per share in a mandatory conversion. Following the conversion, all 5,256,000 of Series C Preferred Stock that had been outstanding was automatically converted into an aggregate of 2,102,400 shares of common stock. As of September 30, 2012 and 2011, there was no outstanding preferred stock.

Temporary Equity

As part of the July 1, 2008 RMD Instruments, LLC acquisition, the Company issued one million shares of Dynasil common stock to the members of the seller. Commencing July 1, 2010, the seller's members were able to tender these shares of Dynasil common stock to the Company for repurchase by it at a repurchase price of $2.00 per share during a two year period ending July 1, 2012, upon no less than ninety (90) days prior notice to the Company. As of September 30, 2011, the 1,000,000 shares of redeemable common stock valued at its redemption value of $2.00 per share, or $2,000,000, were included in temporary equity to properly reflect the repurchase requirement that was not within the Company’s control.

F-28

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 11 – Stockholders’ Equity (continued)

Temporary Equity (continued)

See Note 9 for discussion of the redemption of 928,773 shares during the year ended September 30, 2012. There were an additional 71,227 shares of common stock outstanding that were subject to the Put Right, as discussed in Note 9. The notice period for these shares expired on April 2, 2012 and the amount of $142,454 previously recorded as temporary equity associated with these shares was reclassified to equity.

Stock Based Compensation

The Company adopted Stock Incentive Plans in 1996, 1999 and 2010 which provide for, among other incentives, the granting to officers, directors, employees and consultants options to purchase shares of the Company’s common stock. The Plans also allow eligible persons to be issued shares of the Company’s common stock either through the purchase of such shares or as a bonus for services rendered to the Company. Shares are generally issued at the fair market value on the date of issuance. The maximum number of shares of common stock which may be issued under the 2010 Stock Incentive Plan is 6,000,000, of which 4,289,436 and 3,898,719 shares of common stock are available for future purchases under the plan at September 30, 2012 and 2011, respectively. Options are generally exercisable at the fair market value or higher on the date of grant over a three to five year period currently expiring through 2017.

The fair value of the stock options granted is estimated at the date of grant using the Black-Scholes option pricing model. The weighted average assumptions for grants during the years ended September 30, 2012 and 2011 used in the Black-Scholes option pricing model were as follows:

	2012			2011
Expected term in years		5 years			3 years
Risk-free interest rate		2.64	%		3.95	%
Expected volatility		93.62	%		85.21	%
Expected dividend yield		0.00	%		0.00	%

A summary of stock option activity for the years ended September 30, 2012 and 2011 is presented below:

	Options Outstanding			Weighted Average Exercise Price per Share ($)		Weighted Average Remain Contractual Term (in Years)
Balance at September 30, 2011		1,283,997			3.10		2.22
Vested and exercisable at September 30, 2011		924,622			2.73		1.98
Granted		43,960			3.03
Exercised		(138,373	)		1.58
Cancelled		(395,101	)		3.14
Balance at September 30, 2012		794,483			3.34		1.75
Vested and Exercisable at September 30, 2012		794,483			3.34		1.75

F-29

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 11 – Stockholders’ Equity (continued)

Stock Based Compensation (continued)

Range of Exercise Prices		Options Outstanding		Weighted Average Contractual Life (years)		Weighted Average Exercise Price		Options Exercisable		Weighted Average Exercise Price
$	2.00 - 2.99		200,000		1.84	$	2.00		200,000	$	2.00
	3.00 - 3.99		259,681		1.44		3.24		259,681		3.24
	4.00 - 4.99		295,000		1.91		4.00		295,000		4.00
	5.00 - 5.99		29,528		2.03		5.53		29,528		5.53
	6.00 - 6.65		10,274		2.17		6.65		10,274		6.65
$	2.00 - 6.65		794,483		1.75	$	3.34		794,483	$	3.34

The expected volatility was determined with reference to the historical volatility of the Company's stock. The Company uses historical data to estimate option exercises and employee terminations within the valuation model. The expected term of options granted represents the period of time that the options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury rate in effect at the time of grant. The dividend yield is expected to be 0.00% because historically the Company has not paid dividends on common stock.

During the year ended September 30, 2012, 43,960 stock options were granted with a weighted average grant date fair value of $1.34 per share. During the year ended September 30, 2012, 138,373 options were exercised in a cashless exercise with an intrinsic value of $92,710, for which the Company recognized no tax benefit. During the year ended September 30, 2012, 192,085 options vested with a fair value of $135,684. The intrinsic value of the options outstanding and the exercisable options at September 30, 2012 was $0 and $0, respectively, as the market price was below the exercise prices.

During the year ended September 30, 2011, 69,802 stock options were granted with a weighted average grant date fair value of $1.62 per share. During the year ended September 30, 2011, 532,750 options were exercised with an intrinsic value of $1,003,886. The Company recognized no tax benefit for options exercised during the year ended September 30, 2011. During the year ended September 30, 2011, 131,468 options vested with a fair value of $93,882.

Stock compensation expense for the years ended September 30, 2012 and 2011 was $935,596 and $563,443, respectively.

At September 30, 2012 there was approximately $301,000 in unrecognized stock compensation cost, which is expected to be recognized over a weighted average period of six months.

A summary of restricted stock activity for the year ended September 30, 2012 and 2011 is presented below:

Restricted Stock Activity for the Year ended September 30, 2012	Shares			Weighted-Average Grant-Date Fair Value
Nonvested at September 30, 2011		403,000		$	4.02

Granted		104,000		$	1.10
Vested		(127,166	)	$	3.72
Cancelled		(252,000	)	$	4.03
Nonvested at September 30, 2012		127,834		$	1.92

F-30

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 11 – Stockholders’ Equity (continued)

Stock Based Compensation (continued)

Restricted Stock Activity for the Year ended September 30, 2011	Shares			Weighted-Average Grant-Date Fair Value
Nonvested at September 30, 2010		7,500		$	3.75

Granted		423,000		$	4.02
Vested		(27,500	)	$	4.00
Cancelled		-0-			-0-
Nonvested at September 20, 2011		403,000		$	4.02

Employee Stock Purchase Plan

On September 28, 2010, the Company adopted an Amended and Restated Employee Stock Purchase Plan. The existing plan was amended to extend the termination date to September 28, 2020. The Employee Stock Purchase Plan permits substantially all employees to purchase common stock at a purchase price of 85% of the fair market value of the shares. Under the Plan, a total of 450,000 shares have been reserved for issuance of which 256,236 and 208,796 shares have been issued as of September 30, 2012 and 2011, respectively.

On December 16, 2011, the Company amended the Amended and Restated Employee Stock Purchase Plan to change the maximum dollar amount of stock able to be purchased through the Plan by any employee per calendar year from $5,000 to $20,000 per calendar year. During the years ended September 30, 2012 and 2011, 47,440 shares and 28,758 shares of common stock were issued under the Plan for aggregate purchase prices of $63,122 and $95,290, respectively.

Note 12 – Retirement Plans

401(k) Plans

Defined Benefit Pension Plan

Pension Obligations

EMF has a defined benefit pension plan covering hourly employees. The plan provides defined benefits based on years of service and final average salary. As of September 30, 2006, the plan was frozen.

F-31

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 12 – Retirement Plans (continued)

Defined Benefit Pension Plan (continued)

The changes in benefit obligations and plan assets under the pension plan were as follows as of and for the year ended September 30, 2012:

Change in benefit obligation:
Benefit obligation at beginning of fiscal year	$	397,760
Service costs		-
Interest costs		20,659
Benefits paid		(8,621	)
Actuarial loss		231,002

Benefit obligation at end of fiscal year	$	640,800

Change in plan assets:
Fair value of plan assets at beginning of fiscal year	$	308,089
Actual return on plan assets		(38,532	)
Employer contribution		34,421
Benefits paid		(8,621	)

Fair value of plan assets at end of year	$	295,357

Funded status at end of year	$	(345,443	)

Amounts recognized in the consolidated balance sheets consist of the following as of September 30, 2012 and 2011:

	2012			2011

Long-term liabilities	$	(345,443	)	$	(113,344	)

Amounts recognized in accumulated other comprehensive income as of September 30, 2012 consist of the following:

Net loss/(gain)	$	243,262
Prior service cost		102,181

	$	345,443

The following table summarizes the pension plan, which has a projected benefit obligation that exceeds plan assets:

	2012		2011

Projected benefit obligation in excess of plan assets:
Projected benefit obligation	$	640,800	$	397,760
Fair value of plan assets		295,357		308,089

F-32

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 12 – Retirement Plans (continued)

Defined Benefit Pension Plan (continued)

At September 30, 2012 the accumulated benefit obligation was the same as the projected benefit obligation.

The following table summarizes the components of the net periodic pension cost at September 30, 2012:

Interest costs	$	20,659
Expected return on assets		(15,189	)
Amortization of net loss		17,788

Net periodic pension cost	$	23,258

Assumptions

Weighted-average assumptions used to determine benefit obligations at September 30, 2012 were:

Discount rate	3.75	%
Expected return on plan assets	2.60	%
Rate of compensation increase	not applicable

The expected long-term return on plan assets assumption was developed as a weighted average rate based on the target asset allocation of the plan and the long-term capital market assumptions. The overall return for each asset class was developed by combining a long-term inflation component and the associated expected real rates. The development of the capital market assumptions utilized a variety of methodologies, including, but not limited to, historical analysis, stock valuation models such as dividend discount models and earnings yields’ models, expected economic growth outlook, and market yields analysis.

Plan Assets

The primary investment objective of the Pension Plan is to ensure, over the long-term life of the plan, an adequate pool of assets to support the benefit obligations to participants, retirees and beneficiaries. A secondary objective of the plan is to achieve a level of investment return consistent with a prudent level of portfolio risk that will minimize the financial effect of the Pension Plan on the Company. The Company utilizes the service of an investment manager to manage the assets of the Pension Plan and the Company has established investment guidelines with the investment manager. The Company believes that the selected investment portfolio will enable the Company to maintain the asset value of the Plan given that benefit accruals have been frozen. As of September 30, 2012 and 2011, the assets of the Pension Plan were invested entirely in short-term fixed income securities.

Investment securities, in general, are exposed to various risks such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported.

F-33

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 12 – Retirement Plans (continued)

Defined Benefit Pension Plan (continued)

The following table presents the pension plan assets financial instruments carried at fair value as of September 30, 3012 and 2011 in accordance with the fair value hierarchy:

	Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)
September 30, 2012
Money Market Separate
Account	$	-	$	295,357	$	-

Total plan assets	$	-	$	295,357	$	-

September 30, 2011
Money Market Separate
Account	$	-	$	308,089	$	-

Total plan assets	$	-	$	308,089	$	-

Cash Flows

Benefits expected to be paid in each of the next five fiscal years and in aggregate for the five fiscal years thereafter are as follows:

2013	$	12,000
2014		14,000
2015		16,000
2016		21,000
2017		21,000
2018-2022		140,000

	$	224,000

The contributions expected to be paid to the plan during the next fiscal year are $58,147. The measurement date used to determine pension benefits for the plan was September 30, 2012.

Note 13 - Related Party Transactions

During both of the years ended September 30, 2012 and 2011, building lease payments of $114,000 were paid to Optometrics Holdings, LLC in which Laura Lunardo, Optometrics’ COO has a 50% interest.

During the years ended September 30, 2012 and 2011, building lease payments of $852,901 and $829,557 were paid to Charles River Realty, dba Bachrach, Inc., which is owned by Gerald Entine and family. Dr. Entine is a former director and employee of the Company, as well as a greater than 5% beneficial owner of the Company’s stock. In addition, building maintenance and repair costs totaling $0 and $651,437 for the years ended September 30, 2012 and 2011 were paid to Bachrach, Inc.

F-34

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 13 - Related Party Transactions (continued)

On November 22, 2011 the Company and Dr. Entine entered into a separation agreement pursuant to which Dr. Entine's employment with the Company terminated effective November 30, 2011. In exchange for severance pay equal to Dr. Entine's current annual base salary of $325,000 and the continuation of health and dental benefits for one year, Dr. Entine agreed to certain non-compete and non-solicitation covenants expiring on December 31, 2012 and a standstill agreement expiring on September 30, 2012. In addition, Dr. Entine agreed to cause his real estate company, which serves as the Company's landlord with respect to its offices in Watertown, Massachusetts, to contribute $52,000 in cash and $75,000 in rental credits to the Company for certain lease improvements.

On February 27, 2012, Dr. Entine, a former owner of RMD Instruments, LLC, which the Company acquired in 2008 for a combination of cash and shares of Dynasil common stock, exercised a Put Right to require the Company to repurchase 928,773 shares of Dynasil common stock issued to him as partial consideration for the transaction at a repurchase price of $2.00 per share (the "Put Right") and held by Dr. Entine and certain affiliates (“Entine”). This put obligation was repaid in full in August 2012 as disclosed in Note 9.

On December 6, 2012, the Company (Lessee), through its wholly-owned subsidiaries, Dynasil Products and RMD, entered into an Omnibus Amendment (the “Amendment”) to Leases for two leases with Charles River Realty, d/b/a Bachrach, Inc. (Lessor), an entity affiliated with Dr. Entine. As a result of the Amendment, the leases, which were scheduled to expire June 30, 2013, became month-to-month tenancies and will continue until terminated by either the Lessor or the Lessee. Such month-to-month tenancies may be terminated by Lessor upon not less than three years' prior written notice to Lessee and may be terminated by Lessee upon not less than six months' prior written notice to Lessor. Additionally, the monthly base rent applicable to Dynasil Products was set at its current rate of $14,938 and the monthly base rent applicable to RMD was set at its current rate of $58,935, with both amounts subject to an annual 4% increase on July 1.

Prior to joining the Board of Directors in July of 2012, Dr. Hagan was providing consulting services to RMD through his consulting company, Hagan & Associates LLC (“H&A”). During the years ended September 30, 2012 and 2011, H&A was paid $73,134 and $18,863 in fees. This consulting arrangement is expected to continue into the future.

In 2012, the Company was awarded grants from the National Institutes of Health and the Department of Defense to develop new and improved monitors to detect blood loss and potentially fatal hemorrhage in human trauma victims. The Company has used the Mayo Clinic in Rochester, Minnesota as its primary subcontractor to conduct animal and human trials with respect to these grants. Dr. Michael J. Joyner of the Mayo Clinic is a co-investigator under these grants. He is also a member of the Company's Board of Directors and Audit Committee. To date, the Mayo Clinic has received approximately $50,000 under these grants. A small fraction of Dr. Joyner’s Mayo salary is charged to these grants. The subcontract awards to, and the work performed by, the Mayo Clinic are administered by the Mayo Foundation for Medical Education and Research and adheres to the approval and conflicts-of-interest policies of both the Mayo Clinic and the Company. The intellectual property rights to certain of the technologies purchased by the Company in April 2011 when it established Dynasil Biomedical and acquired intellectual property assets from Dr. Daniel Ericson are jointly owned with the Mayo Clinic or persons affiliated with the Mayo Clinic. Specifically, Dynasil Biomedical's blood storage technology was invented by Dr. Daniel Ericson and Dr. Michael Joyner. Dr. Ericson assigned his ownership rights to such technology to Dynasil Biomedical and because Dr. Joyner is an employee of the Mayo Clinic his ownership rights in such technology are assigned to the Mayo Clinic. In April 2011, the Mayo Foundation for Medical Education and Research and Dynasil Biomedical entered into an Inter-Institutional Agreement, which sets forth the terms on which the parties may work together to seek to commercialize this technology.

F-35

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 14 – Leases

The Company has non-cancelable operating lease agreements, primarily for property, that expire through 2014. One of the Company’s facilities is leased from a company controlled by the former owner of RMD, who is also a former director of the Company and the former President of the RMD subsidiary. This lease expires in June 2013. One of the Company’s facilities is leased from a company controlled by the former owners of Optometrics, one of whom is also currently the Optometrics’ Chief Operating Officer. This lease expires in March 2013. Rent expense for the years ended September 30, 2012 and 2011 amounted to $1,281,164 and $1,306,593, respectively. Future non-cancelable minimum lease payments under property leases as of September 30, 2012 are as follows:

Years ending September 30,

2013		$	895,584
2014		$	31,750

Note 15 - Vendor Concentration

The Company purchased $1,712,212 and $1,595,367 of its raw materials from one supplier during the years ended September 30, 2012 and 2011. As of September 30, 2012 and 2011, amounts due to that supplier included in accounts payable were $186,323 and $246,105.

Note 16 – Supplemental Disclosure of Cash Flow Information

	2012		2011
Cash Paid during the year for:
Interest		596,129		615,516
Income taxes		418,179		541,219

During the years ended September 30, 2012 and 2011, preferred stock dividends paid are net of $0 and $83,245, respectively, for the issuance of common stock in lieu of dividends.

During the year ended September 30, 2012, 138,373 options were exercised in a cashless exercise with an intrinsic value of $92,710.

Note 17 – Segment, Customer and Geographical Reporting

Segment Financial Information

Operating segments are based upon Dynasil’s internal organizational structure, the manner in which the operations are managed, the criteria used by the Chief Operating Decision Makers (CODM) to evaluate segment performance and the availability of separate financial information. During the fourth quarter of fiscal year 2012, the Company changed its internal reporting structure and adjusted it reportable segments. Dynasil now reports four reportable segments: contract research (“Contract Research”), optics (“Optics”), instruments (“Instruments”) and biomedical (“Biomedical”). Segment data for fiscal year 2011 has been revised to reflect the change in the segment classification. Within these segments, there is a segregation of reportable units based upon the organizational structure used to evaluate performance and make decisions on resource allocation, as well as availability and materiality of separate financial results consistent with that structure. Dynasil’s Contract Research segment is one of the largest small business participants in U.S. government-funded research. The Optics segment manufactures optical materials, components and coatings. The Instruments segment manufactures specialized instruments used in various applications in the medical, industrial, and homeland security/defense sectors. The Biomedical segment is developing technologies for a wide spectrum of applications, including hematology, hypothermic core cooling and tissue sealants and will primarily pursue product commercialization of technologies and technology licensing opportunities, though there can be no assurances that any of these opportunities will become successfully commercialized. The Company’s segment information is summarized below:

F-36

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 17 – Segment, Customer and Geographical Reporting

Results of Operations for the Fiscal Year Ended September 30,

2012

	Contract Research			Optics			Instruments			Biomedical			Total
Revenue		24,270,675			17,456,436			6,054,752			105,287			47,887,150
Gross Profit		8,859,780			7,125,962			3,436,542			83,459			19,505,743
SG&A		9,523,642			5,548,421			4,915,723			939,149			20,926,935
Impairment of goodwill		-			-			2,284,499			-			2,284,499
Operating Income (Loss)		(663,862	)		1,577,541			(3,763,680	)		(855,690	)		(3,705,691	)
GM %		36.5	%		40.8	%		56.8	%		79.3	%		40.7	%

Depreciation and Amortization		237,623			796,847			575,246			60,003			1,669,719
Capital expenditures		348,314			462,445			207,454			-			1,018,213

Intangibles, Net		366,853			960,821			5,135,634			239,997			6,703,305
Goodwill		4,938,625			1,300,463			4,015,072			-			10,254,160
Total Assets		12,870,151			11,588,145			12,537,403			469,729			37,465,428

Results of Operations for the Fiscal Year Ended September 30,

2011

	Contract Research			Optics			Instruments			Biomedical			Total
Revenue		24,874,088			15,839,205			6,238,373			-			46,951,666
Gross Profit		10,339,990			6,391,291			3,018,950			-			19,750,231
SG&A Costs		9,149,838			5,178,590			2,639,944			495,201			17,463,573
Operating Income (Loss)		1,190,152			1,212,700			379,007			(495,201	)		2,286,658
GM %		41.6	%		40.4	%		48.4	%		0.0	%		42.1	%

Depreciation and Amortization		147,687			581,464			503,922			-			1,233,073
Capital expenditures		284,098			915,978			343,186			-			1,543,262

Intangibles, Net		456,367			1,096,773			5,613,366			300,000			7,466,506
Goodwill		4,938,625			1,283,775			6,299,571			-			12,521,971
Total Assets		10,447,842			14,683,407			15,363,526			371,808			40,866,583

Customer Financial Information

For the years ended September 30, 2012 and 2011, the top three customers for the Contract Research segment were each various agencies of the U.S. Government. For the years ended September 30, 2012 and 2011, these customers made up 69.6% and 78.1%, respectively, of Contract Research revenue.

For the Optics segment, there was no customer whose revenue represented more than 10% of the total segment revenues for the years ended September 30, 2012 and 2011.

For the Instruments segment, there was one customer whose revenue represented 18.5% and 18.0, respectively of the Instruments segment revenue in the years ended September 30, 2012 and 2011.

For the Biomedical segment, there was one customer whose revenue represented 92.1% of the revenue for the year ended September 30, 2012. The Biomedical segment had no revenue or customers in the year ended September 30, 2011.

F-37

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 and 2011

Note 17 – Segment, Customer and Geographical Reporting (continued)

Geographic Financial Information

Revenues by geographic location in total and as a percentage of total revenue, for the years ended September 30, 2012 and 2011 are as follows:

	2012					2011
Geographic Location	Revenue		% of Total			Revenue		% of Total
United States	$	39,520,178		82.6	%	$	38,739,330		82.5	%
Europe		4,274,119		8.9	%		5,003,441		10.7	%
Other		4,092,853		8.5	%		3,208,895		6.8	%
	$	47,887,150		100.0	%	$	46,951,666		100.0	%

Note 18 – Quarterly Financial Information (Unaudited)

The following is a summary of certain items in the consolidated statements of operations by quarter for fiscal year ended September 30, 2012. Certain amounts have been retrospectively adjusted to properly state the interim periods within the fiscal year ended September 30, 2012.

	Fourth			Third			Second			First
	Quarter			Quarter			Quarter			Quarter

Net revenue		11,373,808			12,082,037			12,299,010			12,132,295
Cost of revenue		7,064,015			7,097,378			7,214,667			7,005,347
Selling, general and administrative expenses		5,178,246			5,124,010			5,684,059			4,940,620
Impairment of goodwill		2,284,499			-			-			-
Income (loss) from operations		(3,152,952	)		(139,351	)		(599,716	)		186,328
Interest expense, net		252,219			140,246			122,474			124,157
Income (loss) before income tax (benefit) provision		(3,405,171	)		(279,597	)		(722,190	)		62,171
Income tax (benefit) provision		352,023			52,303			(137,180	)		(308,167	)
Net income (loss)		(3,757,194	)		(331,900	)		(585,010	)		370,338

Basic net income (loss) per common share	$	(0.25	)	$	(0.02	)	$	(0.04	)	$	0.02
Diluted net income (loss)per common share	$	(0.25	)	$	(0.02	)	$	(0.04	)	$	0.02

Note 19 – Subsequent Events

The Company has evaluated subsequent events through the date the financial statements were released.

As previously disclosed in Note 13, on December 6, 2012, the Company, through its wholly-owned subsidiaries, RMD Instruments Corp. and Radiation Monitoring Devices, Inc., entered into an Omnibus Amendment to Leases to two previously disclosed Standard Form Commercial Leases, dated June 30, 2008, with Charles River Realty, d/b/a Bachrach, Inc., an entity affiliated with Dr. Gerald Entine. Dr. Entine is the former President of Radiation Monitoring Devices, a former member of the Board of Directors of the Company and the beneficial owner of approximately 23.2% of the Company’s common stock.

F-38

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

	Page
Financial Statements	following 15

Report of Independent Registered Public Accounting Firms	F-1
Consolidated Financial Statements:
Balance Sheets as of September 30, 2012 and 2011	F-3
Statements of Operations and Comprehensive Income (Loss) for the years ended September 30, 2012 and 2011	F-4
Statements of Stockholders’ Equity for the years ended September 30, 2012 and 2011	F-5
Statements of Cash Flows for the years ended September 30, 2012 and 2011	F-7
Notes to Consolidated Financial Statements	F-8

2. Exhibits

Exhibit Number

2.01 Asset Purchase Agreement, dated July 1, 2008 between Dynasil Corporation of America, RMD Instruments Corp, RMD Instruments, LLC, Gerald Entine 1988 Family Trust, Fritz Wald and Doris Wald, and Jacob H. Paster, filed as Exhibit 10.1 to Form 8-K filed on July 7, 2008 and incorporated herein by reference.

2.02 Plan of Merger, dated July 1, 2008 by and among Dynasil Corporation of America, RMD Acquisition Sub, Inc., Radiation Monitoring Devices, Inc., Gerald Entine 1988 Family Trust, Fritz Wald and Doris Wald, and Jacob H. Paster, filed as Exhibit 10.2 to Form 8-K filed on July 7, 2008 and incorporated herein by reference.

2.03 Share Purchase Agreement, dated July 19, 2010 among Hilger Crystals Limited, Newport Spectra-Physics Limited, Newport Corporation and the Company, filed as Exhibit 10.1 to Form 8-K filed on July 23, 2010 and incorporated herein by reference.

3.01 Certificate of Incorporation of the Company, filed as Exhibit A to the Definitive Proxy Statement filed on January 4, 2008 and incorporated herein by reference.

3.02 Certificate of Merger of Foreign Corporation into a Domestic Corporation, dated February 29, 2008, filed as Exhibit 3.02 to Form 8-A filed on December 15, 2010 and incorporated herein by reference.

3.03 Certificate of Amendment of Certificate of Incorporation, dated March 6, 2008, filed as Exhibit 3.03 to Form 8-A filed on December 15, 2010 and incorporated herein by reference.

3.04 Certificate of Amendment of Certificate of Incorporation, dated February 26, 2009, filed as Exhibit 3.1 to Form 10-Q filed on May 15, 2009 and incorporated herein by reference.

3.05 Certificate of Designation of Preferred Stock of Dynasil Corporation of America, dated March 27, 2009, filed as Exhibit 3.05 to Form 8-A filed on December 15, 2010 and incorporated herein by reference.

3.06 Bylaws of the Company, filed as Exhibit B to the Definitive Proxy Statement filed on January 4, 2008 and incorporated herein by reference.

10.01* Employment Agreement of Craig T. Dunham, dated October 1, 2004, filed as Exhibit 10.9 to Form 10-KSB filed on December 21, 2004 and incorporated herein by reference.

10.02* Amendment to Employment Agreement of Craig T. Dunham, dated November 8, 2007, filed as Exhibit 10.1 to Form 8-K filed on November 13, 2007 and incorporated herein by reference.

10.03* Employment Agreement of Gerald Entine, filed as Exhibit 10.3 to Form 8-K filed on July 7, 2008 and incorporated herein by reference.

10.04* Employment Agreement of Richard Johnson, dated November 30, 2009, filed as Exhibit 10.1 to Form 8-K filed on December 1, 2009 and incorporated herein by reference.

10.05* Employment Letter dated April 13, 2011, between the Company and Steven Ruggieri, filed as Exhibit 10.1 to Form 8-K filed on April 19, 2011 and incorporated herein by reference.

10.06* Separation Agreement, dated November 16, 2011, between the Company and Dr. Gerald Entine, filed as Exhibit 10.1 to Form 10-Q filed on February 14, 2012 and incorporated herein by reference.

10.07* Separation Agreement, dated July 6, 2012, between the Company and Steven K. Ruggieri, filed as Exhibit 10.07 to Form 10-K filed on January 15, 2013 and incorporated herein by reference.

10.08* 2010 Stock Incentive Plan, filed as Exhibit 99 to the Definitive Proxy Statement filed on January 5, 2010 and incorporated herein by reference.

10.09 Subordinated Term Loan Note with RMD Instruments, LLC, dated September 30, 2008, filed as Exhibit 10.1 to Form 8-K filed on October 6, 2008 and incorporated herein by reference.

10.10 Amendment to Subordinated Term Loan Note with RMD Instruments, LLC, dated December 19, 2008, filed as Exhibit 10.07 to Form 10K-SB filed on December 30, 2008 and incorporated herein by reference.

10.11 Amendment to Subordinated Term Note with RMD Instruments, LLC dated May 11, 2009, filed as Exhibit 10.1 to Form 10-Q filed on May 15, 2009 and incorporated herein by reference.

10.12 Loan and Security Agreement between the Company and Sovereign Bank, N.A., dated July 7, 2010, filed as Exhibit 10.1 to Form 8-K filed on July 14, 2010 and incorporated herein by reference.

10.13 Amendment No. 1 To Loan and Security Agreement between the Company and Sovereign Bank, dated April 1, 2011, filed as Exhibit 10.1 to Form 10-Q filed on May 16, 2011 and incorporated herein by reference.

10.14 Amendment No. 2 To Loan and Security Agreement between the Company and Sovereign Bank, dated April 12, 2012, filed as Exhibit 10.1 to Form 8-K filed on April 13, 2012 and incorporated herein by reference.

10.15 Amendment No. 3 to Loan and Security Agreement between the Company and Sovereign Bank, dated June 29, 2012, filed as Exhibit 10.1 to Form 8-K filed on July 5, 2012 and incorporated herein by reference.

10.16 A Waiver Letter Agreement between the Company and Sovereign Bank, dated June 29, 2012, filed as Exhibit 10.2 to Form 8-K filed on July 5, 2012 and incorporated herein by reference.

10.17 Note Purchase Agreement between the Company and Massachusetts Capital Resource Company, dated July 31, 2012, filed as Exhibit 10.1 to Form 8-K filed on August 6, 2012 and incorporated herein by reference

10.18 Lease Agreement between Dynasil Corporation of America and Optometrics Holding LLC, dated March 8, 2005, filed as Exhibit 2.2 to Form 8-K filed on May 24, 2005 and incorporated herein by reference.

10.19 Lease Agreement between RMD Instruments, Inc and Charles River Realty, dated July 1, 2008, filed as Exhibit 10.5 to Form 8-K filed on July 7, 2008 and incorporated herein by reference.

10.20 Lease Agreement between Radiation Monitoring Devices, Inc. and Charles River Realty, dated July 1, 2008, filed as Exhibit 10.6 to Form 8-K filed on July 7, 2008 and incorporated herein by reference.

10.21* Amended and Restated Employee Stock Purchase Plan dated December 16, 2011, filed as Appendix A to Definitive Proxy Statement filed January 11, 2012 and incorporated herein by reference.

10.22 Omnibus Amendment to Leases, dated December 6, 2012, files as Exhibit 10.1 to Form 8-K filed on December 12, 2012 and incorporated herein by reference.

21.1 Subsidiaries of the Company, filed as Exhibit 21.1 to Form 10-K filed on January 15, 2013 and incorporated herein by reference.

31.1(a) Rule 13a-14(a)/15d-14(a) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.

31.1(b) Rule 13a-14(a)/15d-14(a) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.

32.1 Section 1350 Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished but not filed for purposes of the Securities Exchange Act of 1934) furnished herewith.

101** The following materials from Dynasil Corporation of America’s Annual Report on Form 10-K for the year ended September 30, 2012, formatted in XBRL (eXtensible Business Reporting Language); (i) Consolidated Balance Sheets as of September 30, 2012 and September 30, 2011, (ii) Consolidated Statements of Operations and Comprehensive Income for the years ended September 30, 2012 and 2011, (iii) Consolidated Statements of Changes in Stockholders’ Equity for the years ended September 30, 2012 and 2011; (iv) Consolidated Statements of Cash Flows for the years ended September 30, 2012 and 2011, and (v) Notes to Consolidated Financial Statements, tagged as blocks of text.

** Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

* Management contract or compensatory plan or arrangement.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dynasil Corporation of America

BY:	/s/ Peter Sulick

	Peter Sulick, Interim President, Interim CEO (Principal Executive Officer)

DATED:	February 14, 2013

EX-31.1 2 v334873_ex31-1.htm EXHIBIT 31.1

EXHIBIT 31.1 (a)

CERTIFICATION PURSUANT TO RULE 13a–14(a)/15d-14(a) and

SECTION 302 OF THE SARBANES-OXLEY ACT

I, Peter Sulick, certify that:

1. I have reviewed this Form 10-K of Dynasil Corporation of America;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

Date: February 14, 2013	/s/ Peter Sulick
	Peter Sulick
	Interim President and
	Interim Chief Executive Officer

EXHIBIT 31.1 (b)

CERTIFICATION PURSUANT TO RULE 13a–14(a)/15d-14(a) and

SECTION 302 OF THE SARBANES-OXLEY ACT

I, Thomas C. Leonard, certify that:

1. I have reviewed this Form 10-K of Dynasil Corporation of America;

Date: February 14, 2013	/s/ Thomas C. Leonard
	Thomas C. Leonard
	Chief Financial Officer

EX-32.1 3 v334873_ex32-1.htm EXHIBIT 32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

In connection with this Annual Report of DYNASIL CORPORATION OF AMERICA (the "Company") on Form 10-K for the period ended September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), we, Peter Sulick, Interim President and Chief Executive Officer of the Company and Thomas C. Leonard, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of our knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Peter Sulick
	Peter Sulick
	Interim President and
	Interim Chief Executive Officer

	/s/ Thomas C. Leonard
	Thomas C. Leonard
	Chief Financial Officer
February 14, 2013

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Note 1 – Nature of Operations and Ability to Continue as a Going Concern Nature of Operations The Company is primarily engaged in the development, marketing and manufacturing of detection, sensing and analysis technology, precision instruments and optical components as well as contract research. The Company’s products and services are used in a broad range of application markets including the homeland security, industrial and medical markets sectors. The products and services are sold throughout the United States and internationally. Liquidity The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplates continuation of the Company as a going concern. However, the Company has failed to comply with the financial covenants set forth in the terms of its outstanding agreements and sustained a substantial loss from operations. These factors raise substantial doubt over the Company’s ability to continue as a going concern. The Company is in default of the financial covenants set forth in the terms of its outstanding indebtedness for its fiscal fourth quarter ended September 30, 2012. These covenants require the Company to maintain specified ratios of earnings before interest, taxes, depreciation and amortization (EBITDA) to fixed charges and to total/senior debt. A default gives the lenders the right to accelerate the maturity of the indebtedness outstanding. Furthermore, Sovereign Bank, N.A, the Company’s senior lender, may, at its option, impose a default interest rate with respect to the senior debt outstanding, which is 5% higher than the rate otherwise in effect. To date, the lenders have not taken any such actions. However, the Company cannot predict when or whether a resolution of this situation will be achieved. The Company is current with all principal and interest payments due on all its outstanding indebtedness, through January 15, 2013, the date of this filing, and management is actively engaged in discussions with its senior lender to address the financial covenant situation. Because of the uncertainty of any resolution of the covenant violations and possibility of an acceleration of the indebtedness by the lenders, the Company has reclassified all of its outstanding indebtedness as a current liability for the fiscal year ended September 30, 2012. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and positive cash flows and/or to obtain the necessary financing from shareholders or other sources to meet its obligations and repay its liabilities arising from normal business operations when they become due. In view of the matters described in the preceding paragraphs, recoverability of a major portion of the recorded asset amounts shown in the accompanying consolidated balance sheet is dependent upon the continued operations of the Company. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. The Company has recently taken and will continue to take actions to improve its liquidity, including the implementation of a number of initiatives designed to conserve cash, optimize profitability and right-size the cost structure of its various businesses. The Company has retained Argus Management Corporation and Mirus Capital as financial advisors to assist it in evaluating strategic and restructuring alternatives, including the potential sale of product lines and/or a Company division. While the Company is actively considering such strategic alternatives, there can be no assurances that any such transaction will occur, or, if a transaction is completed, it will be on terms favorable to the Company. The Company does not currently have cash available to satisfy its obligations under its indebtedness if it were to be accelerated or payment demanded. If the Company is not able to resolve its current defaults under its outstanding indebtedness and improve its liquidity through the actions described above, it may not have sufficient liquidity to meet its anticipated cash needs for the next twelve months.

Note 2 – Summary of Significant Accounting Policies   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 amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.   Principles of Consolidation   The accompanying consolidated financial statements include the accounts of Dynasil Corporation of America (“Dynasil” or the “Company”) and its wholly-owned subsidiaries: Optometrics Corporation (“Optometrics”), Dynasil International Incorporated, Hibshman Corporation, Evaporated Metal Films Corp (“EMF”), Dynasil Products, formerly known as RMD Instruments Corp. (“Dynasil Products”), Radiation Monitoring Devices, Inc (“RMD”), Hilger Crystals, Ltd (“Hilger”) and Dynasil Biomedical Corp (“Dynasil Biomedical”). All significant intercompany transactions and balances have been eliminated.   Revenue Recognition   Revenue from sales of products is recognized at the time title and the risks and rewards of ownership pass. Revenue from research and development activities is derived generally from the following types of contracts: reimbursement of costs plus fees, fixed price or time and material type contracts. Revenue is recognized when the products are shipped per customers’ instructions, the contract has been executed, the contract or sales price is fixed or determinable, delivery of services or products has occurred and the Company’s ability to collect the contract price is considered reasonably assured.   Government funded services revenues from cost plus contracts are recognized as costs are incurred on the basis of direct costs plus allowable indirect costs and an allocable portion of the contracts’ fixed fees. Revenue from fixed-type contracts is recognized under the percentage of completion method with estimated costs and profits included in contract revenue as work is performed. Revenues from time and materials contracts are recognized as costs are incurred at amounts represented by agreed billing amounts. Recognition of losses on projects is taken as soon as the loss is reasonably determinable. The Company has an accrual for contract losses in the amount of $90,162 and $0 as of September 30, 2012 and 2011, respectively.   The majority of the Company’s contract research revenue is derived from the United States government and government related contracts. Such contracts have certain risks which include dependence on future appropriations and administrative allotment of funds and changes in government policies. Costs incurred under United States government contracts are subject to audit. The Company believes that the results of such audits will not have a material adverse effect on its financial position or its results of operations.   Allowance for Doubtful Accounts Receivable   The Company performs ongoing credit evaluations of its customers and adjusts credit limits based upon payment history and the customer's current credit worthiness, as determined by a review of their current credit information. The Company continuously monitors collections and payments from our customers and maintains a provision for estimated credit losses based upon historical experience and any specific customer collection issues that have been identified. While such credit losses have historically been minimal, within expectations and the provisions established, the Company cannot guarantee that it will continue to experience the same credit loss rates as in the past. A significant change in the liquidity or financial position of any significant customers could have a material adverse effect on the collectability of accounts receivable and future operating results. When all collection efforts have failed and it is deemed probable that a customer account is uncollectible, that balance is written off against the existing allowance.   Shipping and Handling Costs   The Company includes shipping and handling fees billed to customers in net revenue and corresponding shipping and handling costs incurred in cost of revenues. These amounts were approximately $94,852 and $71,125 during the years ended September 30, 2012 and 2011, respectively.   Research and Development   The Company expenses research and development costs as incurred. Research and development costs include salaries, employee benefit costs, department supplies, direct project costs and other related costs. Research and development costs incurred during the years ended September 30, 2012 and 2011 were $25,235,228 and $23,985,088, respectively. Substantially all of these research and development costs relate to research contracts performed by RMD which are in turn billed to the contracting party. Amounts of research and development included within cost of revenue for the years ended September 30, 2012 and 2011 were $15,410,859 and $14,945,521, respectively. Remaining amounts are recorded within selling, general and administrative expenses on the consolidated statements of operations.   Costs in Excess of Billings and Unbilled Receivables   Costs in excess of billings relates to research and development contracts and consists of actual costs incurred plus fees in excess of billings at provisional contract rates.   Convertible Preferred Stock   The Company considers the guidance of EITF 98-5, "Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios" and EITF 00-27, "Application of Issue No. 98-5 to Certain Convertible Instruments", codified in FASB ASC Topic 470-20 when accounting for the issuance of convertible preferred stock. The Company's convertible preferred stock, when issued, are generally convertible to common stock at or above the then current market price of the Company's common stock and therefore, contain no beneficial conversion feature.   Patent Costs   Costs incurred in filing, prosecuting and maintaining patents (principally legal fees) are expensed as incurred and recorded within selling, general and administrative expenses on the consolidated statements of operations. Such costs aggregated approximately $393,040 and $315,549 for the years ended September 30, 2012 and 2011, respectively.    Inventories   Inventories are stated at the lower of average cost or market. Cost is determined using the first-in, first-out (FIFO) method and includes material, labor and overhead. Inventories consist primarily of raw materials, work-in-process and finished goods.   A significant decrease in demand for the Company's products could result in a short-term increase in the cost of inventory purchases and an increase of excess inventory quantities on hand. In addition, as technologies change or new products are developed, product obsolescence could result in an increase in the amount of obsolete inventory quantities on hand. Therefore, although the Company makes every effort to ensure the accuracy of its forecasts of future product demand, any significant unanticipated changes in demand or technological developments could have a significant impact on the value of the inventory and reported operating results. The Company records, as a charge to cost of revenues, any amounts required to reduce the carrying value to net realizable value.   Property, Plant and Equipment   Property, plant and equipment are recorded at cost or at fair market value for acquired assets. Depreciation is provided using the straight-line method over the estimated useful lives of the respective assets.   The estimated useful lives of assets for financial reporting purposes are as follows: building and improvements, 8 to 25 years; machinery and equipment, 5 to 10 years; office furniture and fixtures, 5 to 10 years; transportation equipment, 5 years. Maintenance and repairs are charged to expense as incurred; major renewals and betterments are capitalized. When items of property, plant and equipment are sold or retired, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is included in income.   Goodwill   The Company annually assesses goodwill impairment at the end of the fourth quarter of the fiscal year by applying a fair value test. In the first step of testing for goodwill impairment, the Company estimates the fair value of each reporting unit. The reporting units have been determined as RMD which is the Contract Research reportable segment, Dynasil Products which is the Instruments reportable segment and Hilger Crystals, which is a component of the Optics reportable segment. The Company compares the fair value with the carrying value of the net assets assigned to each reporting unit. If the fair value is less than its carrying value, then the Company performs a second step and determines the fair value of the goodwill. In this second step, the fair value of goodwill is determined by deducting the fair value of a reporting unit’s identifiable assets and liabilities from the fair value of the reporting unit as a whole, as if that reporting unit had just been acquired and the purchase price were being initially allocated. If the fair value of the goodwill is less than its carrying value for a reporting unit, an impairment charge is recorded to earnings.   To determine the fair value of each of the reporting units as a whole, the Company uses a discounted cash flow analysis, which requires significant assumptions and estimates about the future operations of each reporting unit. Significant judgments inherent in this analysis include the determination of appropriate discount rates, the amount and timing of expected future cash flows and growth rates. The cash flows employed in the discounted cash flow analyses are based on financial forecasts developed internally by management. The discount rate assumptions are based on an assessment of the Company’s risk adjusted discount rate, applicable for each reporting unit. In assessing the reasonableness of the determined fair values of the reporting units, the Company evaluates its results against its current market capitalization.   In addition, the Company evaluates a reporting unit for impairment if events or circumstances change between annual tests indicating a possible impairment. Examples of such events or circumstances include the following:   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify;">a significant adverse change in legal status or in the business climate,</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify;">an adverse action or assessment by a regulator, </td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify;">a more likely than not expectation that a segment or a significant portion thereof will be sold, or</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify;">the testing for recoverability of a significant asset group within the segment.</td> </tr> </table>   In connection with the annual fair value test of goodwill, performed at the end of the fourth quarter of fiscal year 2012, the step one analysis indicated that the fair value of Dynasil Products was less than its carrying value. The Company proceeded to a step two analysis, which included valuing the tangible and intangible assets and liabilities of Dynasil Products to determine the implied fair value of goodwill. The result of this assessment indicated that the implied fair value of goodwill was less than its carrying value. As a result, the Company recognized a non-cash, pre-tax charge of $2,284,499 as impairment during the year ended September 30, 2012. See Note 7 for further discussion.   Intangible Assets   The Company's intangible assets consist of acquired customer relationships, trade names, acquired backlog, know-how and provisionally patented technologies. The Company amortizes its intangible assets with definitive lives over their useful lives, which range from 4 to 15 years, based on the time period the Company expects to receive the economic benefit from these assets.   The Company has a trade name related to its UK subsidiary that has been determined to have an indefinite life and is therefore not subject to amortization and is reviewed at least annually for potential impairment. The fair value of the Company’s trade name is estimated and compared to its carrying value to determine if impairment exists. The Company estimates the fair value of this intangible asset based on an income approach using the relief-from-royalty method. This methodology assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of this asset. This approach is dependent on a number of factors, including estimates of future sales, royalty rates in the category of intellectual property, discount rates and other variables. Significant differences between these estimates and actual results could materially affect the Company’s future financial results.   Recovery of Long-Lived Assets   The Company continually assesses whether events or changes in circumstances have occurred that may warrant revision of the estimated useful lives of its long-lived assets (other than goodwill) or whether the remaining balances of those assets should be evaluated for possible impairment. Long-lived assets include, for example, customer relationships, trade names, backlog, know-how and provisionally patented technologies. Events or changes in circumstances that may indicate that an asset may be impaired include the following:   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify; text-indent: -0.15in; padding-left: 0.15in;">a significant decrease in the market price of an asset or asset group,</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify; text-indent: -0.15in; padding-left: 0.15in;">a significant adverse change in the extent or manner in which an asset or asset group is being used or in its physical condition,</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify; text-indent: -0.15in; padding-left: 0.15in;">a significant adverse change in legal factors or in the business climate that could affect the value of an asset or asset group, including an adverse action or assessment by a regulator,</td> </tr> </table>    <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify; text-indent: -0.15in; padding-left: 0.15in;">an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset,</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify; text-indent: -0.15in; padding-left: 0.15in;">a current period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group,</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify; text-indent: -0.15in; padding-left: 0.15in;">a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life, or</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify; text-indent: -0.15in; padding-left: 0.15in;">an impairment of goodwill at a reporting unit.</td> </tr> </table>   If an impairment indicator occurs, the Company performs a test of recoverability by comparing the carrying value of the asset or asset group to its undiscounted expected future cash flows. The Company groups its long-lived assets for this purpose at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets or asset groups. If the carrying values are in excess of undiscounted expected future cash flows, the Company measures any impairment by comparing the fair value of the asset or asset group to its carrying value.   To determine fair value the Company uses discounted cash flow analyses and estimates about the future cash flows of the asset or asset group. This analysis includes a determination of an appropriate discount rate, the amount and timing of expected future cash flows and growth rates. The cash flows employed in the discounted cash flow analyses are typically based on financial forecasts developed internally by management. The discount rate used is commensurate with the risks involved. The Company may also rely on third party valuations and or information available regarding the market value for similar assets.   If the fair value of an asset or asset group is determined to be less than the carrying amount of the asset or asset group, impairment in the amount of the difference is recorded in the period that the impairment occurs. Estimating future cash flows requires significant judgment and projections may vary from the cash flows eventually realized.   Fair Value Measurements   The Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements.   Under the FASB’s authoritative guidance on fair value measurements, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  The Fair Value Measurements Topic of the FASB Accounting Standards Codification establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date.   Assets and liabilities measured at fair value are to be categorized into one of the three hierarchy levels based on the inputs used in the valuation. The Company classifies assets and liabilities in their entirety based on the lowest level of input significant to the fair value measurement. There were no transfers between levels for all periods presented. The three levels are defined as follows: <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.25in;">·</td> <td>Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities.</td> </tr> </table> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.25in;">·</td> <td>Level 2: Observable inputs based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets.</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.25in;">·</td> <td>Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances.</td> </tr> </table>   A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.   At September 30, 2012, the Company’s assets recorded at fair value on a nonrecurring basis include goodwill. See Notes 7 and 8 for fair value and related fair value disclosures for goodwill at September 30, 2012.   The FASB fair value guidance also applies to certain assets that indirectly impact the consolidated financial statements, including pension plan assets. While the Company does not have direct control over these assets, the Company is indirectly impacted by subsequent fair value adjustments to these assets and the actual return on these assets not only affects the net periodic benefit cost but also the amount included in the consolidated balance sheet. The Company uses the fair value hierarchy to measure the fair value of assets held in the pension plan. See Note 12 for related fair value disclosures.   Deferred Financing Costs   Deferred financing costs, net of $165,457 and $150,656 at September 30, 2012 and 2011 include accumulated amortization of $90,697 and $48,898, respectively. Amortization expense for the years ended September 30, 2012 and 2011 was $41,799 and $39,912, respectively, and was recorded as interest expense. Future amortization will be $51,228 in fiscal 2013 and fiscal 2014, $42,236 in fiscal 2015, $11,316 in fiscal 2016 and $9,449 in fiscal 2017.   Advertising   The Company expenses all advertising costs as incurred. Advertising expense for the years ended September 30, 2012 and 2011 was $118,250 and $246,426.   Deferred Rent   Deferred rent consists of the excess of the allocable straight line rent expense to date as compared to the total amount of rent due and payable through such period. Deferred rent is recorded as a reduction to rent expense over the term of the lease. Deferred rent was $48,833 and $96,840 as of September 30, 2012 and 2011 and is included in accrued expenses and other liabilities.   Retirement Plans   The Company has retirement savings plans available to substantially all full time employees which are intended to qualify as deferred compensation plans under Section 401(k) of the Internal Revenue Code (the “401k Plans”).  Pursuant to the 401k Plans, employees may contribute up to the maximum amount allowed by the 401k Plans or by law.  The Company at its sole discretion may from time to time make discretionary matching contributions as it deems advisable. The Company’s EMF subsidiary has a defined benefit pension plan covering hourly employees.  The plan provides defined benefits based on years of service and final average salary. As of September 30, 2006, the plan was frozen.  The Company may make contributions to the plan to satisfy minimum Employee Retirement Income Security Act (“ERISA”) funding requirements. Pension costs and obligations are calculated using various actuarial assumptions and methodologies as prescribed under ASC 715. To assist in developing these assumptions and methodologies, the Company uses the services of an independent consulting firm. To determine the benefit obligations, the assumptions the Company uses include, but are not limited to, the selection of the discount rate.    The projected unit credit cost method is used to calculate each member’s plan benefit as it accrues recognizing future salary increases (if applicable) to assumed retirement age. Each member’s service cost is the present value of the benefit which will accrue during the year using expected future salary for salary related benefits. The projected benefit obligation (PBO) is the present value of projected benefits based on service accrued to date. In accordance with authoritative guidance, the Company recognizes the funded status of the plan in its financial statements and the gains or losses and prior service costs or credits that arise during the period, but are not recognized as components of net periodic cost, as a component of other comprehensive income, net of tax.   Income Taxes   Dynasil Corporation of America and its wholly owned U.S. subsidiaries file a consolidated federal income tax return and various state returns. The Company’s U.K. subsidiary files tax returns in the U.K.   The Company uses the asset and liability approach to account for deferred income taxes. Under this approach, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and net operating loss and tax credit carry-forwards. The amount of deferred taxes on these temporary differences is determined using the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on tax rates, and tax laws, in the respective tax jurisdiction then in effect.   In assessing the ability to realize the net deferred tax assets, management considers various factors including taxable income in carryback years, future reversals of existing taxable temporary differences, tax planning strategies and projections of future taxable income, to determine whether it is more likely than not that some portion or all of the net deferred tax assets will not be realized. Based upon the Company’s current losses and uncertainty of future profits, the Company has determined that the uncertainty regarding the realization of these assets is sufficient to warrant the need for a full valuation allowance against its U.S. net deferred tax assets.   The Company applies the authoritative provisions related to accounting for uncertainty in income taxes. As required by these provisions, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more-likely-than-not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being reached upon ultimate settlement with the relevant tax authority. As of September 30, 2012 and 2011, the Company has no unrecorded liabilities for uncertain tax positions. Interest and penalty charges, if any, related to uncertain tax positions would be classified as income tax expense in the accompanying consolidated statement of operations. As of September 30, 2012 and 2011, the Company had no accrued interest or penalties related to uncertain tax positions.   Earnings Per Common Share   Basic earnings (loss) per common share is computed by dividing the net income applicable or loss attributable to common shares after preferred dividends paid, if applicable, by the weighted average number of common shares outstanding during each period. Diluted earnings per common share adjusts basic earnings per share for the effects of common stock options, common stock warrants, convertible preferred stock and other potential dilutive common shares outstanding during the periods.   For the year ended September 30, 2012, 922,317 shares of potential common stock related to restricted stock and stock options were excluded from the calculation of dilutive shares since there was a loss from operations and the inclusion of potential shares would be anti-dilutive. If the Company had not been in a loss position as of September 30, 2012, 127,834 shares of restricted stock would have been considered in the denominator used to calculate diluted earnings per common share.   For purposes of computing diluted earnings per share for the year ended September 30, 2011, 194,778 common share equivalents were assumed to be outstanding.   The computations of the weighted shares outstanding for the years ended September 30 are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Weighted average shares outstanding</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in; width: 68%;">Common Stock</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 13%;">14,811,294</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 13%;">14,932,226</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in;">Effect of dilutive securities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.375in;">Stock Options</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">194,778</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 0.125in;">Dilutive Average Shares Outstanding</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">14,811,294</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">15,127,004</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   Stock Based Compensation   Stock-based compensation cost is measured using the fair value recognition provisions of the FASB authoritative guidance, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors, including employee stock options, based on estimated fair values. Stock-based compensation cost is measured at the grant date based on the value of the award and is recognized over the requisite service period of the award.   Foreign Currency Translation   The operations of Hilger, the Company’s foreign subsidiary, use their local currency as its functional currency. Assets and liabilities of the Company’s foreign operations, denominated in their local currency, Great Britain Pounds (GBP), are translated at the rate of exchange at the balance sheet date. Revenue and expense accounts are translated at the average exchange rates during the period. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are included in the foreign currency translation adjustment, a component of accumulated other comprehensive income in stockholders’ equity. Gains and losses generated by transactions denominated in foreign currencies are recorded in the accompanying statement of operations in the period in which they occur.   Comprehensive Income (Loss)   Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Accumulated comprehensive income (loss) represents cumulative translation adjustments related to Hilger Crystals, the Company’s foreign subsidiary and cumulative adjustments pertaining to the Company’s Defined Benefit Pension Plan. The Company presents comprehensive income and losses in the consolidated statements of operations and comprehensive income (loss).   Financial Instruments   The carrying amount reported in the balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of the immediate or short-term maturity of these financial instruments. The carrying amounts for fixed rate long-term debt and variable rate long term debt approximate fair value because the underlying instruments are primarily at current market rates available to the Company for similar borrowings.    Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. In the normal course of business, the Company extends credit to certain customers. Management performs initial and ongoing credit evaluations of their customers and generally does not require collateral.   Concentration of Credit Risk   The Company maintains allowances for potential credit losses and has not experienced any significant losses related to the collection of its accounts receivable. As of September 30, 2012 and 2011, approximately $1,608,073 and $1,762,872 or 28% and 24% of the Company’s accounts receivable are due from foreign sales.   The Company maintains cash and cash equivalents at various financial institutions in New Jersey, Massachusetts and New York. Accounts at each institution are insured by the Federal Deposit Insurance Corporation up to $250,000. At September 30, 2012 and 2011, the Company's uninsured bank balances totaled $3,022,713 and $3,308,182. The Company has not experienced any significant losses on its cash and cash equivalents.   New Accounting Pronouncements   In June 2011, the FASB issued Accounting Standards Update 2011-05 (“ASU 2011-05”), Comprehensive Income (Topic 220), Presentation of Comprehensive Income. ASU 2011-05 eliminates the current option to report other comprehensive income and its components in the statement of changes in stockholder’s equity. In addition, the new guidance requires consecutive presentation of the statement of net income and other comprehensive income with the presentation of reclassification adjustments from other comprehensive income to net income on the face of the financial statements. In December 2011, the FASB issued Accounting Standards Update 2011-12 (“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, which is an update to ASU 2011-05. This amendment indefinitely defers the guidance relating to the presentation of reclassification adjustments. ASUs 2011-05 and 2011-12 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, with early adoption permitted. The Company adopted ASU 2011-05 effective March 31, 2012 with the effect being a change in financial statement presentation. The Company will adopt ASU 2011-12 on October 1, 2012. The Company does not expect the adoption of the new disclosure requirements to have a material impact on its disclosures or consolidated financial position, results of operations or cash flows.   In September 2011, the FASB issued Accounting Standards Update 2011-08 (“ASU 211-08”), Intangibles—Goodwill and Other (Topic 350), Testing Goodwill for Impairment, to simplify how entities test goodwill for impairment. ASU 2011-08 allows entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If a greater than 50 percent likelihood exists that the fair value is less than the carrying amount, then a two-step goodwill impairment test as described in Topic 350 must be performed. The qualitative assessment is optional, allowing companies to go directly to the quantitative assessment. The guidance provided by this update becomes effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, with early adoption permitted. This new standard will be effective for the Company beginning in fiscal 2013. The Company does not expect the adoption to have a material impact on its consolidated financial statements.   In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. The amendments result in a consistent definition of fair value and common requirements for measurement of and disclosure regarding fair value between U.S. GAAP and International Financial Reporting Standards.    Specifically, the amendments clarify the application of existing fair value measurement and disclosure requirements, including: a) application of the highest and best use and valuation premise concepts, b) measurement of the fair value of an instrument classified in a reporting entity's shareholders equity, and c) quantitative disclosure about the unobservable inputs used in a fair value measurement that is categorized within Level 3 of the fair value hierarchy. The amendments also change a particular principle or requirement for fair value measurement and disclosure, including: a) measurement of the fair value of financial instruments that are managed within a portfolio, b) application of premiums and discounts in a fair value measurement, and c) additional disclosure about fair value measurements. This new standard will be effective for the Company beginning in fiscal 2013 and the Company does not expect the adoption to have a material impact on its consolidated financial statements.   Cash and Cash Equivalents   The Company generally considers all highly liquid investments with original maturities of three months or less to be cash equivalents.   Reclassifications   Certain amounts as previously reported have been reclassified to conform to the current year financial statement presentation.

Note 3 – Business Acquisitions – Dynasil Biomedical On April 14, 2011, Dynasil announced the incorporation of Dynasil Biomedical Corp. as a new business unit to pursue opportunities in the medical field. It is located in Rochester, Minnesota and Dr. Daniel Ericson joined Dynasil Biomedical as Scientific Lead with responsibility for research and development. Dynasil Biomedical completed the purchase of Dr. Ericson’s rights to six biomedical technologies invented or co-invented by him for a purchase price of $300,000, together with certain rights to royalty and milestone payments if these technologies are successfully developed. Dr. Ericson previously worked at the Mayo Clinic and several of the assigned technologies are jointly owned with that institution. The total purchase price of $300,000 was allocated to identifiable intangible assets based on the estimated fair value. The acquisition was not material; therefore, no proforma disclosures are presented in the consolidated financial statements. The results of Dynasil Biomedical have been included in the consolidated financial statements from April 14, 2011, the effective date of the acquisition.

Note 4 – Inventories Inventories, net of reserves, at September 30, 2012 and 2011 consisted of the following: <table style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap"> </td><td style="font-weight: bold;" nowrap="nowrap"> </td><td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">September 30,</td><td style="font-weight: bold;" nowrap="nowrap"> </td><td style="font-weight: bold;" nowrap="nowrap"> </td><td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">September 30,</td><td style="font-weight: bold;" nowrap="nowrap"> </td></tr><tr style="vertical-align: bottom;"><td nowrap="nowrap"> </td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2012</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2011</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; width: 58%;">Raw Materials</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 18%;">2,096,681</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 18%;">2,149,401</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td>Work-in-Process</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">885,328</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">757,709</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Finished Goods</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">289,691</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">343,429</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">3,271,700</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">3,250,539</td><td style="text-align: left; padding-bottom: 2.5pt;"></td></tr></table>

Note 5 - Property, Plant and Equipment Property, plant and equipment at September 30, 2012 and 2011 consist of the following: <table style="width: 70%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="width: 64%;">Land</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 15%;">185,445</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 15%;">182,812</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Building and improvements</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,381,094</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,843,843</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Machinery and equipment</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">7,173,520</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">6,892,690</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Office furniture and fixtures</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">437,755</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">264,689</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Transportation equipment</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">53,419</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">53,419</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">11,231,234</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">10,237,453</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Less accumulated depreciation</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(6,247,084</td><td style="text-align: left; padding-bottom: 1pt;">)</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(5,377,125</td><td style="text-align: left; padding-bottom: 1pt;">)</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">4,984,150</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">4,860,328</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table> Depreciation expense for the years ended September 30, 2012 and 2011 was $865,789 and $636,253.

Note 6 – Intangible Assets   Intangible assets at September 30, 2012 and 2011 consist of the following:   <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap">Useful</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Gross</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Accumulated</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-weight: bold;" nowrap="nowrap">September 30, 2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap">Life (years)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Amount</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Amortization</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Net</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 40%;">Acquired Customer Base</td> <td style="width: 1%;"> </td> <td style="text-align: center; width: 14%;">5-15</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">7,858,775</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">2,257,533</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">5,601,242</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Know How</td> <td> </td> <td style="text-align: center;">15</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">512,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">145,147</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">366,853</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Trade Names</td> <td> </td> <td style="text-align: center;" nowrap="nowrap">15 - Indefinite</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">558,435</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">63,222</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">495,213</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Backlog</td> <td> </td> <td style="text-align: center;">4</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">182,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">182,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Biomedical Technologies</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">5</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">300,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">60,003</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">239,997</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">9,411,210</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">2,707,905</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">6,703,305</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap">Useful</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Gross</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Accumulated</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-weight: bold;" nowrap="nowrap">September 30, 2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap">Life (years)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Amount</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Amortization</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Net</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 40%;">Acquired Customer Base</td> <td style="width: 1%;"> </td> <td style="text-align: center; width: 14%;">5-15</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">7,830,117</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">1,617,596</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">6,212,521</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Know How</td> <td> </td> <td style="text-align: center;">15</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">512,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">110,933</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">401,067</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Trade Names</td> <td> </td> <td style="text-align: center;" nowrap="nowrap">15 - Indefinite</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">546,240</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">48,622</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">497,618</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Backlog</td> <td> </td> <td style="text-align: center;">4</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">182,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">126,700</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">55,300</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Biomedical Technologies</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">5</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">300,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">300,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">9,370,357</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,903,851</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">7,466,506</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   Amortization expense for the years ended September 30, 2012 and 2011 was $802,511 and $596,820 respectively. Estimated amortization expense for each of the next five fiscal years is as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2013</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2014</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2015</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2016</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2017</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Thereafter</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Total</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 23%;">Acquired Customer Base</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">542,615</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">542,615</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">542,615</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">542,615</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">542,615</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">2,888,167</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">5,601,242</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Know How</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">34,133</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">34,133</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">34,133</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">34,133</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">34,133</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">196,188</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">366,853</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Trade Names</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">81,992</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">154,992</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Biomedical Technologies</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">60,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">60,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">60,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">59,997</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">239,997</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">651,348</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">651,348</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">651,348</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">651,345</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">591,348</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,166,347</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">6,363,084</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

Note 7 – Goodwill The changes to goodwill during the year ended September 30, 2012 are summarized as follows:<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">Contract</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Research</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Optics</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Instruments</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Total</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="width: 48%;">Goodwill at September 30, 2011</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 10%;">4,938,625</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 10%;">1,283,775</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 10%;">6,299,571</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 10%;">12,521,971</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt;">Goodwill impairment on Dynasil Products</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(2,284,499</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(2,284,499</td><td style="text-align: left;">)</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Currency translation on Hilger Crystals</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">-</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">16,688</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">-</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">16,688</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Goodwill at September 30, 2012</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">4,938,625</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">1,300,463</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">4,015,072</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">10,254,160</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table> The Company performs an annual assessment of goodwill impairment at the end of the fourth quarter of the fiscal year. The first step (defined as “Step 1”) of the goodwill impairment test, used to identify potential impairment, compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired, thus the second step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test must be performed to measure the amount of impairment loss, if any. In the Step 1 testing for goodwill impairment, the Company estimates the fair value of each reporting unit, which have been determined to be RMD, Dynasil Products and Hilger Crystals. The estimated fair value of each reporting unit is compared with the carrying value of the net assets assigned to each reporting unit. The sum of the fair values of the reporting units is reconciled to the Company’s market capitalization (based on the Company’s stock price) plus an estimated control premium. The discounted cash flow method is used to measure the fair value of the Company’s equity under the income approach for each reporting unit. Determining the fair value using a discounted cash flow method requires significant estimates and assumptions, including market conditions, discount rates, and long-term projections of cash flows. The Company’s estimates are based upon historical experience, current market trends, projected future volumes and other information. The Company believes that the estimates and assumptions underlying the valuation methodology are reasonable; however, different estimates and assumptions could result in a different estimate of fair value. In estimating future cash flows, the Company relies on internally generated projections for a defined time period for revenue and operating profits, including capital expenditures, changes in net working capital, and adjustments for non-cash items to arrive at the free cash flow available to invested capital. A terminal value utilizing a constant growth rate of cash flows is used to calculate a terminal value after the explicit projection period. The future projected cash flows for the discrete projection period and the terminal value are discounted at a risk adjusted discount rate to determine the fair value of the reporting unit. In fiscal year 2012, the Step 1 test resulted in the determination that the carrying value of equity exceeded the fair value of equity for the Dynasil Products reporting unit, thus requiring the Company to measure the amount of any goodwill impairment by performing the second step of the impairment test. The reasons for this outcome were the continued deterioration of the equity and credit markets and the economy and lower operating projections and their related impact on (i) projected near term cash flows and (ii) an increase in the Company’s risk adjusted discount rate. The second step (defined as “Step 2”) of the goodwill impairment test, used to measure the amount of impairment loss, compares the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of the Company’s goodwill exceeds the implied fair value of that goodwill, an impairment loss shall be recognized in an amount equal to that excess. The loss recognized cannot exceed the carrying amount of goodwill. After a goodwill impairment loss is recognized, the adjusted carrying amount of goodwill becomes its new accounting basis. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined. The excess of the fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied amount of goodwill. The Company estimates the fair value of several tangible and intangible assets during the process that are valued during this process. Intangible assets included customer relationships and trade names. For intangible assets, the Company selected an income approach to value the customer relationships, and trade names. The customer relationships are valued using the multi-period excess earnings method under the income approach, which estimates the fair value of the asset by discounting the future projected earnings of the asset to present value as of the valuation date. The trade names were valued using a relief from royalty method. The Step 2 test performed as of September 30, 2012 resulted in the impairment of goodwill of $2,284,499.  As a result the Company recognized a non-cash pre-tax charge of $2,284,499 for the quarter ended September 30, 2012, to write-off a portion of the carrying value of the Dynasil Products goodwill. The Company also performed a sensitivity analysis on certain key assumptions in the Step 2 test. Changes in the underlying assumptions were not deemed to have a material impact on the conclusion. As of September 30, 2012, the Company determined that the indicated fair value of the RMD reporting unit exceeds its carrying value by more than 19% which the Company believes substantially exceeds the carrying value.  The indicated fair value of the Hilger Crystals reporting unit exceeded its carrying value by 17%. The Step 1 test for the RMD reporting unit and the resulting calculation of the indicated fair value was performed as described above based on certain specific assumptions.  The Company relied on a weighted average cost of capital of approximately 13% for this reporting unit which takes into consideration certain industry and specific premiums.  The Company utilized a long term growth rate of approximately 3.0% for this reporting unit which considers industry research and management’s representations as to the prospects for long term growth in this industry.  The long term growth assumed in the model represents consistent growth.  The Company assumed a tax rate of 38.5% in the model which is based on our historical effective tax rate with some consideration given to rates observed within the industry as well. The Step 1 test for the Hilger Crystal reporting unit and the resulting calculation of the indicated fair value was performed as described above based on certain specific assumptions.  The Company relied on a weighted average cost of capital of 17.28% for this reporting unit which takes into consideration certain industry and specific premiums.  The Company utilized a long term growth rate of approximately 3.0% for this reporting unit which considers industry research and management’s representations as to the prospects for long term growth in this industry.  The long term growth assumed in the model represents consistent growth.  The Company assumed a tax rate of 24.0% in the model which is based on our historical effective tax rate with some consideration given to rates observed within the industry as well.

Note 8 – Fair Value Measurement   Assets measured at fair value on a nonrecurring basis at September 30, 2012 included the following: Fair Value Measurements Using Inputs Considered as <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Fair Value at September 30, 2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Level 1</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Level 2</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Level 3</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 48%;">Goodwill (Dynasil Products Reporting Unit)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">4,015,072</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">4,015,072</td> <td style="text-align: left; width: 1%;"> </td> </tr> </table>   odwill for the Dynasil Products reporting unit was deemed to be impaired and written down to its fair value of $4,015,072 at September 30, 2012. The fair value measurement was calculated using a discounted cash flow approach, which includes unobservable inputs classified as Level 3 within the fair value hierarchy.  The amount and timing of future cash flows was based on the Company’s most recent operational budgets.  The Company uses the assistance of an independent consulting firm to develop valuation assumptions. See Note 2 for additional disclosures on goodwill impairment.   There were no assets or liabilities measured at fair value on a nonrecurring basis at September 30, 2011.

Note 9 – Debt   Bank Debt   The Company has a Loan and Security Agreement (the "Bank Loan Agreement") with Sovereign Bank, N.A. (“Sovereign”, the “Bank” or the “Lender”) that provides three borrowing facilities: a five-year $9 million term loan (the "Term Loan") at an interest rate of 5.58%; a $3 million working capital line of credit (the "Working Capital Line of Credit") at an interest rate of Prime or one month LIBOR plus 2.75% and a monthly fee calculated at the rate of 0.25% per annum of the unused Working Capital Line of Credit; and a $5 million acquisition line of credit (the "Acquisition Line of Credit") at an interest rate of one month LIBOR plus 3.5% and a monthly fee calculated at the rate of 0.25% per annum of the unused Acquisition Line of Credit. Interest on advances under the Working Capital Line of Credit is payable monthly and such advances were required to be repaid in full by July 7, 2012 in accordance with the terms of the agreement.  The Acquisition Line of Credit is available to Dynasil for future acquisitions under the terms specified in the Bank Loan Agreement.  Advances under the Acquisition Line of Credit are repayable monthly based on a 7-year straight line amortization plus interest, with a balloon payment due on July 7, 2015.   Dynasil's obligations under the Bank Loan Agreement are guaranteed by EMF, Optometrics, Dynasil Products, RMD Research and Dynasil and each of such subsidiaries have granted the bank a security interest in substantially all its personal property.  In addition, EMF has granted a mortgage in the Bank's favor as to EMF's leasehold property in Ithaca, New York and 65% of the outstanding shares of Hilger are pledged as collateral to the Bank. The Bank Loan Agreement also requires maintenance of certain financial and nonfinancial covenants.   The Term Loan is to be repaid with equal principal payments of $107,142.85 per month plus interest and matures on July 7, 2015.   The Company borrowed $4 million under the Acquisition Line of Credit to fund the acquisition of Hilger Crystals in July 2010.  The Acquisition Loan is to be repaid with equal principal payments of $47,619 per month and matures on July 7, 2015.   As of September 30, 2012, the Company had no funds available under the Working Capital or Acquisition Lines of Credit. As of September 30, 2011, the Company had $3,000,000 and $1,000,000 available under the Working Capital and Acquisition Lines of Credit, respectively.   On June 29, 2012, the Company entered into a letter agreement (the “Waiver Letter”) with the Bank as well as Amendment No. 3 to the Loan and Security Agreement, dated July 7, 2010 as amended on April 1, 2011 and April 12, 2012 (the “Original Loan Agreement”). Under the Waiver Letter, the Lender agreed to waive non-compliance by the Company with certain financial covenants under the Bank Loan Agreement as of June 30, 2012, subject to the Company’s compliance with the terms of Amendment No. 3, including the requirement that the Company would raise, on or before September 30, 2012, at least $2,000,000 in gross proceeds from the sale of its capital stock and/or the incurrence of new indebtedness which is subordinated to the indebtedness in favor of the Lender, on terms and conditions acceptable to the Lender in its sole discretion.   Amendment No. 3 to the Bank Loan Agreement also included revisions to certain financial covenants as follows.   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.25in;">·</td> <td style="text-align: justify;">Amendment to Leverage Ratio Covenants</td> </tr> </table>   For the Consolidated Maximum Leverage Ratio (Consolidated Total Funded Debt to Consolidated EBITDA, as defined in the Amendment), the Amendment (i) revised the required ratio for September 30, 2012 from 3.25x to 4.5x; (ii) revised the required ratio for December 31, 2012 from 3.00x to 4.5x; and (iii) revised the required ratio for March 31, 2013 and for each rolling four quarters thereafter from 3.00x to 4.0x.   Note 9 – Debt (continued)   Bank Debt (continued)   The Amendment also includes a new Consolidated Maximum Adjusted Leverage Ratio covenant, which is Consolidated Total Funded Debt (excluding subordinated debt) to Consolidated EBITDA, as defined in the Amendment. The Amendment requires the Company to maintain a Consolidated Maximum Adjusted Leverage Ratio equal to or less than (i) 3.25x to 1.00x for each of the rolling four quarter periods ending on September 30, 2012 and December 31, 2012, and (ii) 3.00x to 1.00x for each rolling four quarter period ending on or after March 31, 2013.   For the purposes of calculating both the Consolidated Maximum Leverage Ratio and the Consolidated Maximum Adjusted Leverage Ratio, Consolidated EBITDA (as defined in the Amendment) will be (i) at September 30, 2012, the actual Consolidated EBITDA for the 3 months then ended times 4; (ii) at December 31, 2012, the actual Consolidated EBITDA for the 6 months then ended times 2; and (iii) at March 31, 2013, the actual Consolidated EBITDA for the 9 months then ended times 4/3 (provided that the add-backs for costs are not annualized).   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.25in;">·</td> <td style="text-align: justify;">Amendment to Fixed Charge Coverage Ratio Covenants</td> </tr> </table>   For the Consolidated Fixed Charge Coverage Ratio, the Amendment (i) revised the required ratio for September 30, 2012 from 1.10x to 1.00x; (ii) revised the required ratio for December 31, 2012 from 1.20x to 1.00x; (iii) revised the required ratio for March 31, 2013 from 1.20x to 1.05x; (iv) revised the required ratio at 6/30/13 from 1.20x to 1.10x; and (v) did not change the required ratio at September 30, 2013 (remained at 1.20x).   The Consolidated Fixed Charge Coverage Ratio is defined as Consolidated EBITDA (as defined in the Amendment) for the applicable period divided by the sum of (a) the Company’s consolidated interest expense for such period, plus (b) the aggregate principal amount of scheduled payments on the Company’s indebtedness made during such period (excluding any repayment of the Entine Indebtedness discussed below), plus (c) the sum of all cash dividends and other cash distributions to the Company’s shareholders during such period, plus (d) the sum of all taxes paid in cash by the Company during such period, less (e) up to $75,000 paid to the IRS, to the extent characterized as interest expense, in connection with certain historical tax filings (the “IRS Payments”).   For the purposes of calculating the Consolidated Fixed Charge Coverage Ratio, Consolidated EBITDA will be (i) at September 30, 2012, the actual Consolidated EBITDA for the 3 months then ended times 4; (ii) at December 31, 2012, the actual Consolidated EBITDA for the 6 months then ended times 2; and (iii) at March 31, 2013, the actual Consolidated EBITDA for the 9 months then ended times 4/3 (provided that the add-backs for Entine Indebtedness discussed below repayment and the IRS Payments are not annualized).   See Current Debt Status below for discussion on Company default of these covenants as of September 30, 2012.   Subordinated Debt   On July 31, 2012, the Company entered into a Note Purchase Agreement (the “Agreement”) with Massachusetts Capital Resource Company (“MCRC”). Pursuant to the terms of the Agreement, the Company issued and sold to MCRC a $3,000,000 subordinated note (the “Subordinated Note”) for a purchase price of $3,000,000.   The Subordinated Note matures on July 31, 2017, unless accelerated pursuant to an event of default. The Subordinated Note bears interest at the rate of ten percent (10%) per annum, with interest to be payable monthly on the last day of each calendar month in each year, the first such payment was due and paid on August 31, 2012. Under the terms of the Agreement, beginning on and with September 30, 2015, and on the last day of each calendar month thereafter through and including July 31, 2017, the Company will redeem, without premium, $130,434 in principal amount of the Subordinated Note together with all accrued and unpaid interest then due on the amount redeemed.   See Current Debt Status below for discussion on Company default of these covenants as of September 30, 2012.   Put Obligation   On February 27, 2012, Dr. Gerald Entine, a former owner of RMD Instruments, LLC and RMD Instruments Corp. (collectively, “RMD”), exercised a put right to require the repurchase of a total of 928,773 shares of Company common stock held by certain entities affiliated with Dr. Entine (collectively, “Entine”) for an aggregate purchase price of $1,857,546 (the “Entine Indebtedness”). This put right originated from the Company’s acquisition of RMD in July 2008 and is set forth in the Asset Purchase Agreement dated July 1, 2008 by and among the Company, RMD Instruments Corp., RMD Instruments, LLC and Gerald Entine 1988 Family Trust and the other parties named therein.   On June 7, 2012 the Company issued the Entine entities three separate promissory notes (the “Entine Promissory Notes”) for $1,857,546 which satisfied the put obligation. The Entine Promissory Notes had a three-year term with an interest rate of 10% per annum. In August 2012, the Company used a portion of the proceeds of the Subordinated Note (discussed above) to repay the Entine Promissory Notes in the aggregate principal amount of $1,857,546.   Current Debt Status   The Company is in default of certain financial covenants set forth in the terms of its outstanding indebtedness as of September 30, 2012. The Company continues to be current with all principal and interest payments due on all its outstanding indebtedness. Based on the covenant default situation, the Company has reclassified all of its outstanding indebtedness as current liabilities.   Debt at September 30, 2012 and 2011 is summarized as follows: <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 74%;">Note payable to bank in monthly installments of $107,143 through July, 2015 followed by a balloon payment of the remaining principal amount. The interest rate is fixed at 5.58% for the life of the loan, and the note is secured by substantially all assets.</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">6,214,286</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">7,500,000</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Note payable to bank in monthly installments of $47,619 through July, 2015 followed by a balloon payment of the remaining principal amount. The interest rate is floating based on one month LIBOR plus 3.5%. The rate at September 30, 2012 was 3.79%. The rate at September 30, 2011 was 3.76%, and the note is secured by substantially all assets.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,761,905</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,333,333</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Subordinated note payable to Masschusetts Capital Resource Corporation in monthly installments of $25,000 through July, 2015 for interest only, followed by monthly payments of interest and principle through July 2018. The interest rate is fixed at 10.00% for the life of the loan.</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">3,000,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Note payable to Ithaca Urban Renewal Agency for Lease of land in Ithaca, New York for 99 years with the options to purchase said land for $26,640 after May 2008.</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">8,301</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">11,837</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Total Debt</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,984,492</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">10,845,170</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Less current portion</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(11,984,492</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,859,728</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Long term portion</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8,985,442</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   As previously disclosed, all outstanding indebtedness as of September 30, 2012 has been classified as current based on default of covenants; however the aggregate maturities of debt based on the payment terms of the agreement are as follows:   <table style="width: 50%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;" colspan="6">For the years ending on September 30:</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 48%;">2013</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 47%;">1,865,444</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;"> </td> <td style="text-align: right;">2014</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,857,143</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"> </td> <td style="text-align: right;">2015</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,261,905</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;"> </td> <td style="text-align: right;">2016</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,565,208</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;">2017</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,434,792</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">11,984,492</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

Note 10 – Income Taxes   Income (loss) before the provision (benefit) for income taxes consists of the following:   <table style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 58%;">US</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 18%;">(4,014,238</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 18%;">2,184,381</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Foreign</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(330,549</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(539,538</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(4,344,787</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,644,843</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   The provision (benefit) for income taxes in the accompanying consolidated financial statements consists of the following: <table style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Current</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt; width: 58%;">Federal</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 18%;">(374,432</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 18%;">215,128</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 9pt;">State</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">112,024</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">172,883</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Foreign</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">65,318</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(223,284</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">(197,090</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">164,727</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Deferred</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt;">Federal</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">200,313</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">176,535</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 9pt;">State</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">59,351</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(35,400</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Foreign</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(103,598</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(12,664</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">156,066</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">128,471</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Income tax expense (benefit)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(41,024</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">293,198</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   A reconciliation of the federal statutory rate to the Company's effective tax rate is as follows: <table style="width: 55%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 58%;">Tax due at statutory rate</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 18%;">34.00</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 18%;">34.00</td> <td style="text-align: left; width: 1%;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">State tax provision, net of federal</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.22</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7.79</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Valuation allowance</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-35.98</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.00</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Permanent differences</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0.86</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-1.77</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Tax credits generated</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.50</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-24.83</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Foreign rate differential and other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-1.93</td> <td style="text-align: left; padding-bottom: 1pt;">%</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2.62</td> <td style="text-align: left; padding-bottom: 1pt;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Total</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.95</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17.81</td> <td style="text-align: left;">%</td> </tr> </table>   The Company’s effective tax rate differs from the federal, statutory rate in 2012 primarily due to a full valuation allowance on the U.S. deferred tax assets recorded during the year. The Company’s effective tax rate differs from the statutory rate in 2011 primarily due to benefits recorded for federal and state research and experimentation credits generated from a multiple year study completed during the year. The tax rate benefit related to research and experimentation credits is lower in 2012 mainly due to the fact that 2011 reflects credits from multiple years and from the federal research and experimentation credit law not being extended as of September 30, 2012.   Net deferred tax assets (liabilities) consisted of the following at September 30, 2012: <table style="width: 70%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Domestic</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Foreign</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Worldwide</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 55%;">Credits</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">1,362,543</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">-</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">1,362,543</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>NOLs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">170,522</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">41,868</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">212,390</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Stock compensation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">170,362</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">170,362</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Accruals</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">497,335</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">497,335</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Intangibles</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">73,681</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">73,681</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">205,154</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">205,154</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Gross deferred tax assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,479,597</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">41,868</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,521,465</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Valuation allowance</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,700,949</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,700,949</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Deferred tax assets, net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">778,648</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">41,868</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">820,516</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Depreciation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(778,648</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(65,948</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(844,596</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Intangibles</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(220,989</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(220,989</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Gross deferred tax liabilities</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(778,648</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(286,937</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,065,585</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net deferred tax asset (liability)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">(245,069</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">(245,069</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table>   Net deferred tax assets (liabilities) consisted of the following at September 30, 2011:   In assessing the ability to realize the net deferred tax assets, management considers various factors including taxable income in carryback years, future reversals of existing taxable temporary differences, tax planning strategies and projections of future taxable income, to determine whether it is more likely than not that some portion or all of the net deferred tax assets will not be realized. Based upon the Company’s current losses and uncertainty of future profits, the Company has determined that the uncertainty regarding the realization of these assets is sufficient to warrant the need for a full valuation allowance against its U.S. net deferred tax assets. <table style="width: 70%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Domestic</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Foreign</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Worldwide</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 55%;">Credits</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">969,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">-</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">969,000</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>NOLs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Stock compensation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">45,752</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">45,752</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Accruals</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">193,300</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">193,300</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Intangibles</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">280,764</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">280,764</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Gross deferred tax assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,443,064</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">45,752</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,488,816</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Valuation allowance</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Deferred tax assets, net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,443,064</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">45,752</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,488,816</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Depreciation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(623,100</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(110,452</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(733,552</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Intangibles</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(560,300</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(283,967</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(844,267</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Gross deferred tax liabilities</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,183,400</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(394,419</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,577,819</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net deferred tax asset (liability)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">259,664</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">(348,667</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">(89,003</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table>   As of September 30, 2012 and 2011, the Company has no federal net operating losses. As of September 30, 2012 and 2011 the Company has state net operating losses of $2,764,000 and $863,000, respectively. The state net operating losses begin expiring in 2031. At September 30, 2012 and 2011, the Company has foreign net operating loss carryforwards of approximately $182,000 which can be carried forward indefinitely.   As of September 30, 2012 and 2011, the Company has federal research credits of $1,203,000 and $1,000,000, respectively. The federal credits begin expiring in fiscal year 2028. As of September 30, 2012 and 2011, the Company has state research credits of $197,000 and $212,000, respectively. The state credits begin expiring in fiscal year 2023.   As of September 30, 2012 and 2011, the Company has no unrecorded liabilities for uncertain tax positions. Interest and penalty charges, if any, related to uncertain tax positions would be classified as income tax expense in the accompanying consolidated statement of operations. As of September 30, 2012 and 2011, the Company has no accrued interest or penalties related to uncertain tax positions.   The Company is subject to taxation in the United States and the United Kingdom. At September 30, 2012, domestic tax years from fiscal 2009 through fiscal 2012 remain open to examination by the taxing authorities and tax years 2011 and 2012 remain open in the United Kingdom.

Note 11 – Stockholders’ Equity   Convertible Preferred Stock   On July 5, 2008 the Company sold 5,256,000 shares of a Series C 10% Cumulative Convertible Preferred Stock (the "Series C Preferred Stock") in a private placement. Proceeds of the Series C Preferred Stock were primarily used for the acquisition of RMD, for related acquisition costs, and for general working capital. The stock was sold at a price of $1.00 per share and total expenses for the stock placement were $0 and no underwriting discounts or commissions were paid in connection with the sale. Each share of preferred stock carried a 10% per annum dividend and was convertible to 0.40 shares of common stock at any time by the holders. The Company offered the Series C Preferred Stock holders the option to receive dividends in cash or in common stock at $2.50 per share subject to a maximum of 480,000 shares that could be issued under this arrangement, of which 122,308 shares were issued. These shares were callable after two years by Dynasil at a redemption price of $1.05 per share. On December 21, 2010, Dynasil converted all these shares into its common stock, $0.0005 par value per share at a conversion price of $2.50 per share in a mandatory conversion. Following the conversion, all 5,256,000 of Series C Preferred Stock that had been outstanding was automatically converted into an aggregate of 2,102,400 shares of common stock. As of September 30, 2012 and 2011, there was no outstanding preferred stock.   Temporary Equity   As part of the July 1, 2008 RMD Instruments, LLC acquisition, the Company issued one million shares of Dynasil common stock to the members of the seller. Commencing July 1, 2010, the seller's members were able to tender these shares of Dynasil common stock to the Company for repurchase by it at a repurchase price of $2.00 per share during a two year period ending July 1, 2012, upon no less than ninety (90) days prior notice to the Company.  As of September 30, 2011, the 1,000,000 shares of redeemable common stock valued at its redemption value of $2.00 per share, or $2,000,000, were included in temporary equity to properly reflect the repurchase requirement that was not within the Company’s control.    See Note 9 for discussion of the redemption of 928,773 shares during the year ended September 30, 2012. There were an additional 71,227 shares of common stock outstanding that were subject to the Put Right, as discussed in Note 9. The notice period for these shares expired on April 2, 2012 and the amount of $142,454 previously recorded as temporary equity associated with these shares was reclassified to equity.   Stock Based Compensation   The Company adopted Stock Incentive Plans in 1996, 1999 and 2010 which provide for, among other incentives, the granting to officers, directors, employees and consultants options to purchase shares of the Company’s common stock. The Plans also allow eligible persons to be issued shares of the Company’s common stock either through the purchase of such shares or as a bonus for services rendered to the Company. Shares are generally issued at the fair market value on the date of issuance. The maximum number of shares of common stock which may be issued under the 2010 Stock Incentive Plan is 6,000,000, of which 4,289,436 and 3,898,719 shares of common stock are available for future purchases under the plan at September 30, 2012 and 2011, respectively. Options are generally exercisable at the fair market value or higher on the date of grant over a three to five year period currently expiring through 2017.   The fair value of the stock options granted is estimated at the date of grant using the Black-Scholes option pricing model. The weighted average assumptions for grants during the years ended September 30, 2012 and 2011 used in the Black-Scholes option pricing model were as follows:   <table style="width: 50%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; color: black; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; color: black; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; color: black; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; color: black; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; color: black; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; color: black; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; color: black;">Expected term in years</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">5 years</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">3 years</td> <td style="text-align: left; color: black;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 58%; color: black;">Risk-free interest rate</td> <td style="width: 1%; color: black;"> </td> <td style="text-align: left; width: 1%; color: black;"> </td> <td style="text-align: right; width: 18%; color: black;">2.64</td> <td style="text-align: left; width: 1%; color: black;">%</td> <td style="width: 1%; color: black;"> </td> <td style="text-align: left; width: 1%; color: black;"> </td> <td style="text-align: right; width: 18%; color: black;">3.95</td> <td style="text-align: left; width: 1%; color: black;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; color: black;">Expected volatility</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">93.62</td> <td style="text-align: left; color: black;">%</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">85.21</td> <td style="text-align: left; color: black;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; color: black;">Expected dividend yield</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">0.00</td> <td style="text-align: left; color: black;">%</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">0.00</td> <td style="text-align: left; color: black;">%</td> </tr> </table>   A summary of stock option activity for the years ended September 30, 2012 and 2011 is presented below: <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Options Outstanding</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted Average Exercise Price per Share ($)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted Average Remain Contractual Term (in Years)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; width: 55%; color: black;">Balance at September 30, 2011</td> <td style="padding-bottom: 2.5pt; width: 1%; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 12%; color: black;">1,283,997</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; color: black;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 12%; color: black;">3.10</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; color: black;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 12%; color: black;">2.22</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; color: black;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; color: black;">Vested and exercisable at September 30, 2011</td> <td style="padding-bottom: 2.5pt; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; color: black;">924,622</td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;"> </td> <td style="padding-bottom: 2.5pt; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; color: black;">2.73</td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;"> </td> <td style="padding-bottom: 2.5pt; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; color: black;">1.98</td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="color: black;">Granted</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">43,960</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">3.03</td> <td style="text-align: left; color: black;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="color: black;">Exercised</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">(138,373</td> <td style="text-align: left; color: black;">)</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">1.58</td> <td style="text-align: left; color: black;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; color: black;">Cancelled</td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;">(395,101</td> <td style="text-align: left; padding-bottom: 1pt; color: black;">)</td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;">3.14</td> <td style="text-align: left; padding-bottom: 1pt; color: black;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; color: black;">Balance at September 30, 2012</td> <td style="padding-bottom: 2.5pt; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; color: black;">794,483</td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;"> </td> <td style="padding-bottom: 2.5pt; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; color: black;">3.34</td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;"> </td> <td style="padding-bottom: 2.5pt; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; color: black;">1.75</td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; color: black;">Vested and Exercisable at September 30, 2012</td> <td style="padding-bottom: 2.5pt; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; color: black;">794,483</td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;"> </td> <td style="padding-bottom: 2.5pt; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; color: black;">3.34</td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;"> </td> <td style="padding-bottom: 2.5pt; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; color: black;">1.75</td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;"> </td> </tr> </table>    <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-weight: bold;" colspan="2" nowrap="nowrap">Range of Exercise Prices</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Options Outstanding</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted Average Contractual Life (years)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Options Exercisable</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 14%;">2.00 - 2.99</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 14%;">200,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 14%;">1.84</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 14%;">2.00</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 14%;">200,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 13%;">2.00</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"> </td> <td style="text-align: right;">3.00 - 3.99</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">259,681</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.44</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.24</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">259,681</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.24</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;"> </td> <td style="text-align: right;">4.00 - 4.99</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">295,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.91</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4.00</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">295,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4.00</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"> </td> <td style="text-align: right;">5.00 - 5.99</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">29,528</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.03</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.53</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">29,528</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.53</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">6.00 - 6.65</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">10,274</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2.17</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">6.65</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">10,274</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">6.65</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">$</td> <td style="text-align: right;">2.00 - 6.65</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">794,483</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.75</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">3.34</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">794,483</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">3.34</td> <td style="text-align: left;"> </td> </tr> </table>   The expected volatility was determined with reference to the historical volatility of the Company's stock. The Company uses historical data to estimate option exercises and employee terminations within the valuation model. The expected term of options granted represents the period of time that the options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury rate in effect at the time of grant. The dividend yield is expected to be 0.00% because historically the Company has not paid dividends on common stock.   During the year ended September 30, 2012, 43,960 stock options were granted with a weighted average grant date fair value of $1.34 per share. During the year ended September 30, 2012, 138,373 options were exercised in a cashless exercise with an intrinsic value of $92,710, for which the Company recognized no tax benefit. During the year ended September 30, 2012, 192,085 options vested with a fair value of $135,684. The intrinsic value of the options outstanding and the exercisable options at September 30, 2012 was $0 and $0, respectively, as the market price was below the exercise prices.   During the year ended September 30, 2011, 69,802 stock options were granted with a weighted average grant date fair value of $1.62 per share. During the year ended September 30, 2011, 532,750 options were exercised with an intrinsic value of $1,003,886. The Company recognized no tax benefit for options exercised during the year ended September 30, 2011. During the year ended September 30, 2011, 131,468 options vested with a fair value of $93,882.   Stock compensation expense for the years ended September 30, 2012 and 2011 was $935,596 and $563,443, respectively.   At September 30, 2012 there was approximately $301,000 in unrecognized stock compensation cost, which is expected to be recognized over a weighted average period of six months.   A summary of restricted stock activity for the year ended September 30, 2012 and 2011 is presented below:   <table style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap">Restricted Stock Activity for the Year ended September 30, 2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Shares</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted-Average Grant-Date Fair Value</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 70%; color: black;">Nonvested at September 30, 2011</td> <td style="width: 1%; color: black;"> </td> <td style="text-align: left; width: 1%; color: black;"> </td> <td style="text-align: right; width: 12%; color: black;">403,000</td> <td style="text-align: left; width: 1%; color: black;"> </td> <td style="width: 1%; color: black;"> </td> <td style="text-align: left; width: 1%; color: black;">$</td> <td style="text-align: right; width: 12%; color: black;">4.02</td> <td style="text-align: left; width: 1%; color: black;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="color: black;">Granted</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">104,000</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;">$</td> <td style="text-align: right; color: black;">1.10</td> <td style="text-align: left; color: black;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="color: black;">Vested</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">(127,166</td> <td style="text-align: left; color: black;">)</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;">$</td> <td style="text-align: right; color: black;">3.72</td> <td style="text-align: left; color: black;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; color: black;">Cancelled</td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;">(252,000</td> <td style="text-align: left; padding-bottom: 1pt; color: black;">)</td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="text-align: left; padding-bottom: 1pt; color: black;">$</td> <td style="text-align: right; padding-bottom: 1pt; color: black;">4.03</td> <td style="text-align: left; padding-bottom: 1pt; color: black;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; color: black;">Nonvested at September 30, 2012</td> <td style="padding-bottom: 2.5pt; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; color: black;">127,834</td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;"> </td> <td style="padding-bottom: 2.5pt; color: black;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;">$</td> <td style="text-align: right; padding-bottom: 2.5pt; color: black;">1.92</td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;"> </td> </tr> </table>   <table style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap">Restricted Stock Activity for the Year ended September 30, 2011</td> <td style="padding-bottom: 1pt; color: black;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; color: black;" colspan="2" nowrap="nowrap">Shares</td> <td style="padding-bottom: 1pt; color: black;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted-Average Grant-Date Fair Value</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 70%; color: black;">Nonvested at September 30, 2010</td> <td style="width: 1%; color: black;"> </td> <td style="text-align: left; width: 1%; color: black;"> </td> <td style="text-align: right; width: 12%; color: black;">7,500</td> <td style="text-align: left; width: 1%; color: black;"> </td> <td style="width: 1%; color: black;"> </td> <td style="text-align: left; width: 1%; color: black;">$</td> <td style="text-align: right; width: 12%; color: black;">3.75</td> <td style="text-align: left; width: 1%; color: black;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="color: black;">Granted</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">423,000</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;">$</td> <td style="text-align: right; color: black;">4.02</td> <td style="text-align: left; color: black;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="color: black;">Vested</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">(27,500</td> <td style="text-align: left; color: black;">)</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;">$</td> <td style="text-align: right; color: black;">4.00</td> <td style="text-align: left; color: black;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; color: black;">Cancelled</td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;">-0-</td> <td style="text-align: left; padding-bottom: 1pt; color: black;"> </td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="text-align: left; padding-bottom: 1pt; color: black;"> </td> <td style="text-align: right; padding-bottom: 1pt; color: black;">-0-</td> <td style="text-align: left; padding-bottom: 1pt; color: black;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; color: black;">Nonvested at September 20, 2011</td> <td style="padding-bottom: 2.5pt; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; color: black;">403,000</td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;"> </td> <td style="padding-bottom: 2.5pt; color: black;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;">$</td> <td style="text-align: right; padding-bottom: 2.5pt; color: black;">4.02</td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;"> </td> </tr> </table>   Employee Stock Purchase Plan   On September 28, 2010, the Company adopted an Amended and Restated Employee Stock Purchase Plan. The existing plan was amended to extend the termination date to September 28, 2020. The Employee Stock Purchase Plan permits substantially all employees to purchase common stock at a purchase price of 85% of the fair market value of the shares. Under the Plan, a total of 450,000 shares have been reserved for issuance of which 256,236 and 208,796 shares have been issued as of September 30, 2012 and 2011, respectively.   On December 16, 2011, the Company amended the Amended and Restated Employee Stock Purchase Plan to change the maximum dollar amount of stock able to be purchased through the Plan by any employee per calendar year from $5,000 to $20,000 per calendar year. During the years ended September 30, 2012 and 2011, 47,440 shares and 28,758 shares of common stock were issued under the Plan for aggregate purchase prices of $63,122 and $95,290, respectively.

Note 12 – Retirement Plans   401(k) Plans   The Company has retirement savings plans available to substantially all full time employees which are intended to qualify as deferred compensation plans under Section 401(k) of the Internal Revenue Code (the “401k Plans”). Pursuant to the 401k Plans, employees may contribute up to the maximum amount allowed by the 401k Plans or by law. The Company at its sole discretion may from time to time make discretionary matching contributions as it deems advisable. The Company made contributions to the plans during the years ended September 30, 2012 and 2011 of $71,012 and $75,042, respectively.   Defined Benefit Pension Plan   Pension Obligations   EMF has a defined benefit pension plan covering hourly employees. The plan provides defined benefits based on years of service and final average salary. As of September 30, 2006, the plan was frozen. <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </div> <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The changes in benefit obligations and plan assets under the pension plan were as follows as of and for the year ended September 30, 2012:</div>   <table style="width: 70%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Change in benefit obligation:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt; width: 82%;">Benefit obligation at beginning of fiscal year</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">397,760</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.25in;">Service costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.25in;">Interest costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">20,659</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.25in;">Benefits paid</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(8,621</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;">Actuarial loss</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">231,002</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Benefit obligation at end of fiscal year</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">640,800</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Change in plan assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Fair value of plan assets at beginning of fiscal year</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">308,089</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.25in;">Actual return on plan assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(38,532</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.25in;">Employer contribution</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">34,421</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;">Benefits paid</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(8,621</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Fair value of plan assets at end of year</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">295,357</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 9pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Funded status at end of year</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(345,443</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table>   Amounts recognized in the consolidated balance sheets consist of the following as of September 30, 2012 and 2011:   <table style="width: 70%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; width: 70%;"> </td> <td style="padding-bottom: 1pt; width: 1%;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"> </td> <td style="text-align: left; padding-bottom: 1pt; width: 1%;"> </td> <td style="padding-bottom: 1pt; width: 1%;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"> </td> <td style="text-align: left; padding-bottom: 1pt; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Long-term liabilities</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(345,443</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(113,344</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table>   Amounts recognized in accumulated other comprehensive income as of September 30, 2012 consist of the following:   <table style="width: 50%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 77%;">Net loss/(gain)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 20%;">243,262</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Prior service cost</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">102,181</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">345,443</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   The following table summarizes the pension plan, which has a projected benefit obligation that exceeds plan assets:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Projected benefit obligation in excess of plan assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in; width: 74%;">Projected benefit obligation</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">640,800</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">397,760</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.125in;">Fair value of plan assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">295,357</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">308,089</td> <td style="text-align: left;"> </td> </tr> </table>   <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">At September 30, 2012 the accumulated benefit obligation was the same as the projected benefit obligation.</div>   The following table summarizes the components of the net periodic pension cost at September 30, 2012:   <table style="width: 50%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 77%;">Interest costs</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 20%;">20,659</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Expected return on assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(15,189</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Amortization of net loss</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">17,788</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in;">Net periodic pension cost</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">23,258</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   Assumptions   Weighted-average assumptions used to determine benefit obligations at September 30, 2012 were:   <table style="width: 50%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 72%;">Discount rate</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 25%;">3.75</td> <td style="text-align: left; width: 1%;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Expected return on plan assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.60</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Rate of compensation increase</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">not applicable</td> <td style="text-align: left;"> </td> </tr> </table>   The expected long-term return on plan assets assumption was developed as a weighted average rate based on the target asset allocation of the plan and the long-term capital market assumptions. The overall return for each asset class was developed by combining a long-term inflation component and the associated expected real rates. The development of the capital market assumptions utilized a variety of methodologies, including, but not limited to, historical analysis, stock valuation models such as dividend discount models and earnings yields’ models, expected economic growth outlook, and market yields analysis.   Plan Assets   The primary investment objective of the Pension Plan is to ensure, over the long-term life of the plan, an adequate pool of assets to support the benefit obligations to participants, retirees and beneficiaries. A secondary objective of the plan is to achieve a level of investment return consistent with a prudent level of portfolio risk that will minimize the financial effect of the Pension Plan on the Company. The Company utilizes the service of an investment manager to manage the assets of the Pension Plan and the Company has established investment guidelines with the investment manager. The Company believes that the selected investment portfolio will enable the Company to maintain the asset value of the Plan given that benefit accruals have been frozen. As of September 30, 2012 and 2011, the assets of the Pension Plan were invested entirely in short-term fixed income securities.   Investment securities, in general, are exposed to various risks such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported. <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">  </div> The following table presents the pension plan assets financial instruments carried at fair value as of September 30, 3012 and 2011 in accordance with the fair value hierarchy:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Quoted prices in active markets for identical assets</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Significant other observable inputs</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Significant unobservable Inputs</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">(Level 1)</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">(Level 2)</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">(Level 3)</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>September 30, 2012</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Money Market Separate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; width: 61%;">Account</td> <td style="padding-bottom: 2.5pt; width: 1%;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;"> </td> <td style="padding-bottom: 2.5pt; width: 1%;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%;">295,357</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;"> </td> <td style="padding-bottom: 2.5pt; width: 1%;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Total plan assets</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">295,357</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>September 30, 2011</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Money Market Separate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Account</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">308,089</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Total plan assets</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">308,089</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   Cash Flows   Benefits expected to be paid in each of the next five fiscal years and in aggregate for the five fiscal years thereafter are as follows:   <table style="width: 25%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: right; width: 53%;">2013</td> <td style="width: 10%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 35%;">12,000</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: right;">2014</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: right;">2015</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">16,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: right;">2016</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">21,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: right;">2017</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">21,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: right; padding-bottom: 1pt;">2018-2022</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">140,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: right;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: right; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">224,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The contributions expected to be paid to the plan during the next fiscal year are $58,147. The measurement date used to determine pension benefits for the plan was September 30, 2012.</div>

Note 13 - Related Party Transactions   During both of the years ended September 30, 2012 and 2011, building lease payments of $114,000 were paid to Optometrics Holdings, LLC in which Laura Lunardo, Optometrics’ COO has a 50% interest.   During the years ended September 30, 2012 and 2011, building lease payments of $852,901 and $829,557 were paid to Charles River Realty, dba Bachrach, Inc., which is owned by Gerald Entine and family. Dr. Entine is a former director and employee of the Company, as well as a greater than 5% beneficial owner of the Company’s stock. In addition, building maintenance and repair costs totaling $0 and $651,437 for the years ended September 30, 2012 and 2011 were paid to Bachrach, Inc.   On November 22, 2011 the Company and Dr. Entine entered into a separation agreement pursuant to which Dr. Entine's employment with the Company terminated effective November 30, 2011. In exchange for severance pay equal to Dr. Entine's current annual base salary of $325,000 and the continuation of health and dental benefits for one year, Dr. Entine agreed to certain non-compete and non-solicitation covenants expiring on December 31, 2012 and a standstill agreement expiring on September 30, 2012. In addition, Dr. Entine agreed to cause his real estate company, which serves as the Company's landlord with respect to its offices in Watertown, Massachusetts, to contribute $52,000 in cash and $75,000 in rental credits to the Company for certain lease improvements.   On February 27, 2012, Dr. Entine, a former owner of RMD Instruments, LLC, which the Company acquired in 2008 for a combination of cash and shares of Dynasil common stock, exercised a Put Right to require the Company to repurchase 928,773 shares of Dynasil common stock issued to him as partial consideration for the transaction at a repurchase price of $2.00 per share (the "Put Right") and held by Dr. Entine and certain affiliates (“Entine”). This put obligation was repaid in full in August 2012 as disclosed in Note 9.   On December 6, 2012, the Company (Lessee), through its wholly-owned subsidiaries, Dynasil Products and RMD, entered into an Omnibus Amendment (the “Amendment”) to Leases for two leases with Charles River Realty, d/b/a Bachrach, Inc. (Lessor), an entity affiliated with Dr. Entine. As a result of the Amendment, the leases, which were scheduled to expire June 30, 2013, became month-to-month tenancies and will continue until terminated by either the Lessor or the Lessee. Such month-to-month tenancies may be terminated by Lessor upon not less than three years' prior written notice to Lessee and may be terminated by Lessee upon not less than six months' prior written notice to Lessor. Additionally, the monthly base rent applicable to Dynasil Products was set at its current rate of $14,938 and the monthly base rent applicable to RMD was set at its current rate of $58,935, with both amounts subject to an annual 4% increase on July 1.   Prior to joining the Board of Directors in July of 2012, Dr. Hagan was providing consulting services to RMD through his consulting company, Hagan & Associates LLC (“H&A”). During the years ended September 30, 2012 and 2011, H&A was paid $73,134 and $18,863 in fees. This consulting arrangement is expected to continue into the future.   In 2012, the Company was awarded grants from the National Institutes of Health and the Department of Defense to develop new and improved monitors to detect blood loss and potentially fatal hemorrhage in human trauma victims. The Company has used the Mayo Clinic in Rochester, Minnesota as its primary subcontractor to conduct animal and human trials with respect to these grants. Dr. Michael J. Joyner of the Mayo Clinic is a co-investigator under these grants. He is also a member of the Company's Board of Directors and Audit Committee. To date, the Mayo Clinic has received approximately $50,000 under these grants. A small fraction of Dr. Joyner’s Mayo salary is charged to these grants. The subcontract awards to, and the work performed by, the Mayo Clinic are administered by the Mayo Foundation for Medical Education and Research and adheres to the approval and conflicts-of-interest policies of both the Mayo Clinic and the Company. The intellectual property rights to certain of the technologies purchased by the Company in April 2011 when it established Dynasil Biomedical and acquired intellectual property assets from Dr. Daniel Ericson are jointly owned with the Mayo Clinic or persons affiliated with the Mayo Clinic. Specifically, Dynasil Biomedical's blood storage technology was invented by Dr. Daniel Ericson and Dr. Michael Joyner. Dr. Ericson assigned his ownership rights to such technology to Dynasil Biomedical and because Dr. Joyner is an employee of the Mayo Clinic his ownership rights in such technology are assigned to the Mayo Clinic. In April 2011, the Mayo Foundation for Medical Education and Research and Dynasil Biomedical entered into an Inter-Institutional Agreement, which sets forth the terms on which the parties may work together to seek to commercialize this technology.

Note 14 – Leases   The Company has non-cancelable operating lease agreements, primarily for property, that expire through 2014. One of the Company’s facilities is leased from a company controlled by the former owner of RMD, who is also a former director of the Company and the former President of the RMD subsidiary. This lease expires in June 2013. One of the Company’s facilities is leased from a company controlled by the former owners of Optometrics, one of whom is also currently the Optometrics’ Chief Operating Officer. This lease expires in March 2013. Rent expense for the years ended September 30, 2012 and 2011 amounted to $1,281,164 and $1,306,593, respectively. Future non-cancelable minimum lease payments under property leases as of September 30, 2012 are as follows:   Years ending September 30, <table style="width: 20%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0px;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: center; width: 50%;">2013</td> <td style="width: 8%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 40%;">895,584</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: center;">2014</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">31,750</td> <td style="text-align: left;"></td> </tr> </table>

Note 15 - Vendor Concentration   The Company purchased $1,712,212 and $1,595,367 of its raw materials from one supplier during the years ended September 30, 2012 and 2011. As of September 30, 2012 and 2011, amounts due to that supplier included in accounts payable were $186,323 and $246,105.

Note 16 – Supplemental Disclosure of Cash Flow Information <table style="width: 50%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Cash Paid during the year for:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="width: 58%;">Interest</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 18%;">596,129</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 18%;">615,516</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Income taxes</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">418,179</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">541,219</td><td style="text-align: left;"> </td></tr></table> During the years ended September 30, 2012 and 2011, preferred stock dividends paid are net of $0 and $83,245, respectively, for the issuance of common stock in lieu of dividends. During the year ended September 30, 2012, 138,373 options were exercised in a cashless exercise with an intrinsic value of $92,710.

<div>    Note 17 – Segment, Customer and Geographical Reporting   <table style="font: 10pt/normal times new roman, times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="width: 100%; text-align: center; font-weight: bold;" nowrap="nowrap">Results of Operations for the Fiscal Year Ended September 30,</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap">2012</td> </tr> </table> <table style="font: 10pt/normal times new roman, times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Contract Research</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Optics</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Instruments</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Biomedical</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Total</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ccffcc;"> <td style="width: 35%;">Revenue</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;">24,270,675</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;">17,456,436</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;">6,054,752</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;">105,287</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;">47,887,150</td> <td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Gross Profit</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,859,780</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,125,962</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,436,542</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">83,459</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">19,505,743</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ccffcc;"> <td>SG&A</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,523,642</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,548,421</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,915,723</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">939,149</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">20,926,935</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Impairment of goodwill</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,284,499</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,284,499</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ccffcc;"> <td style="text-align: left;">Operating Income (Loss)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(663,862</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,577,541</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(3,763,680</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(855,690</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(3,705,691</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>GM %</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">36.5</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">40.8</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">56.8</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">79.3</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">40.7</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: #ccffcc;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Depreciation and Amortization</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">237,623</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">796,847</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">575,246</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">60,003</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,669,719</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ccffcc;"> <td style="text-align: left;">Capital expenditures</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">348,314</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">462,445</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">207,454</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,018,213</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ccffcc;"> <td style="text-align: left;">Intangibles, Net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">366,853</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">960,821</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,135,634</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">239,997</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,703,305</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Goodwill</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,938,625</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,300,463</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,015,072</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10,254,160</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ccffcc;"> <td style="text-align: left;">Total Assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12,870,151</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11,588,145</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12,537,403</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">469,729</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">37,465,428</td> <td style="text-align: left;"> </td> </tr> </table>   <table style="font: 10pt/normal times new roman, times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="width: 100%; text-align: center; font-weight: bold;" nowrap="nowrap">Results of Operations for the Fiscal Year Ended September 30,</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap">2011</td> </tr> </table> <table style="font: 10pt/normal times new roman, times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Contract Research</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Optics</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Instruments</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Biomedical</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Total</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ccffcc;"> <td style="width: 35%;">Revenue</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;">24,874,088</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;">15,839,205</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;">6,238,373</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;">-</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;">46,951,666</td> <td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Gross Profit</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10,339,990</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,391,291</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,018,950</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">19,750,231</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ccffcc;"> <td>SG&A Costs</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,149,838</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,178,590</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,639,944</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">495,201</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,463,573</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Operating Income (Loss)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,190,152</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,212,700</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">379,007</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(495,201</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,286,658</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ccffcc;"> <td>GM %</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">41.6</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">40.4</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">48.4</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.0</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">42.1</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ccffcc;"> <td style="text-align: left;">Depreciation and Amortization</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">147,687</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">581,464</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">503,922</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,233,073</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Capital expenditures</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">284,098</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">915,978</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">343,186</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,543,262</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ccffcc;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Intangibles, Net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">456,367</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,096,773</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,613,366</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">300,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,466,506</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ccffcc;"> <td>Goodwill</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,938,625</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,283,775</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,299,571</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12,521,971</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Total Assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10,447,842</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,683,407</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15,363,526</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">371,808</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">40,866,583</td> <td style="text-align: left;"> </td> </tr> </table>   Customer Financial Information   For the years ended September 30, 2012 and 2011, the top three customers for the Contract Research segment were each various agencies of the U.S. Government. For the years ended September 30, 2012 and 2011, these customers made up 69.6% and 78.1%, respectively, of Contract Research revenue.   For the Optics segment, there was no customer whose revenue represented more than 10% of the total segment revenues for the years ended September 30, 2012 and 2011.   For the Instruments segment, there was one customer whose revenue represented 18.5% and 18.0, respectively of the Instruments segment revenue in the years ended September 30, 2012 and 2011.   <div style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">For the Biomedical segment, there was one customer whose revenue represented 92.1% of the revenue for the year ended September 30, 2012. The Biomedical segment had no revenue or customers in the year ended September 30, 2011.</div>   Geographic Financial Information   Revenues by geographic location in total and as a percentage of total revenue, for the years ended September 30, 2012 and 2011 are as follows:   <table style="font: 10pt/normal times new roman, times, serif; width: 80%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">2012</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">2011</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap">Geographic Location</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Revenue</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">% of Total</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Revenue</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">% of Total</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #ccffcc;"> <td style="width: 48%; text-align: left;">United States</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 10%; text-align: right;">39,520,178</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;">82.6</td> <td style="width: 1%; text-align: left;">%</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 10%; text-align: right;">38,739,330</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;">82.5</td> <td style="width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Europe</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,274,119</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8.9</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,003,441</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10.7</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: #ccffcc;"> <td style="padding-bottom: 1pt;">Other</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">4,092,853</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">8.5</td> <td style="text-align: left; padding-bottom: 1pt;">%</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">3,208,895</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">6.8</td> <td style="text-align: left; padding-bottom: 1pt;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">47,887,150</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">100.0</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">46,951,666</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">100.0</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> </tr> </table>   </div>

Note 18 – Quarterly Financial Information (Unaudited)   The following is a summary of certain items in the consolidated statements of operations by quarter for fiscal year ended September 30, 2012. Certain amounts have been retrospectively adjusted to properly state the interim periods within the fiscal year ended September 30, 2012.   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Fourth</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Third</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Second</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">First</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Quarter</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Quarter</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Quarter</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Quarter</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 35%;">Net revenue</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">11,373,808</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">12,082,037</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">12,299,010</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">12,132,295</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Cost of revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,064,015</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,097,378</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,214,667</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,005,347</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Selling, general and administrative expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,178,246</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,124,010</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,684,059</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,940,620</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Impairment of goodwill</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,284,499</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Income (loss) from operations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(3,152,952</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(139,351</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(599,716</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">186,328</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Interest expense, net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">252,219</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">140,246</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">122,474</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">124,157</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Income (loss) before income tax (benefit) provision</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(3,405,171</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(279,597</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(722,190</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">62,171</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Income tax (benefit) provision</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">352,023</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">52,303</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(137,180</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(308,167</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Net income (loss)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(3,757,194</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(331,900</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(585,010</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">370,338</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Basic net income (loss) per common share</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(0.25</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(0.02</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(0.04</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.02</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Diluted net income (loss)per common share</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(0.25</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(0.02</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(0.04</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.02</td> <td style="text-align: left;"> </td> </tr> </table>

Note 19 – Subsequent Events The Company has evaluated subsequent events through the date the financial statements were released. As previously disclosed in Note 13, on December 6, 2012, the Company, through its wholly-owned subsidiaries, RMD Instruments Corp. and Radiation Monitoring Devices, Inc., entered into an Omnibus Amendment to Leases to two previously disclosed Standard Form Commercial Leases, dated June 30, 2008, with Charles River Realty, d/b/a Bachrach, Inc., an entity affiliated with Dr. Gerald Entine. Dr. Entine is the former President of Radiation Monitoring Devices, a former member of the Board of Directors of the Company and the beneficial owner of approximately 23.2% of the Company’s common stock.

636253

865789

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 amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Principles of Consolidation The accompanying consolidated financial statements include the accounts of Dynasil Corporation of America (“Dynasil” or the “Company”) and its wholly-owned subsidiaries: Optometrics Corporation (“Optometrics”), Dynasil International Incorporated, Hibshman Corporation, Evaporated Metal Films Corp (“EMF”), Dynasil Products, formerly known as RMD Instruments Corp. (“Dynasil Products”), Radiation Monitoring Devices, Inc (“RMD”), Hilger Crystals, Ltd (“Hilger”) and Dynasil Biomedical Corp (“Dynasil Biomedical”). All significant intercompany transactions and balances have been eliminated.

Revenue Recognition  Revenue from sales of products is recognized at the time title and the risks and rewards of ownership pass. Revenue from research and development activities is derived generally from the following types of contracts: reimbursement of costs plus fees, fixed price or time and material type contracts. Revenue is recognized when the products are shipped per customers’ instructions, the contract has been executed, the contract or sales price is fixed or determinable, delivery of services or products has occurred and the Company’s ability to collect the contract price is considered reasonably assured. Government funded services revenues from cost plus contracts are recognized as costs are incurred on the basis of direct costs plus allowable indirect costs and an allocable portion of the contracts’ fixed fees. Revenue from fixed-type contracts is recognized under the percentage of completion method with estimated costs and profits included in contract revenue as work is performed. Revenues from time and materials contracts are recognized as costs are incurred at amounts represented by agreed billing amounts. Recognition of losses on projects is taken as soon as the loss is reasonably determinable. The Company has an accrual for contract losses in the amount of $90,162 and $0 as of September 30, 2012 and 2011, respectively. The majority of the Company’s contract research revenue is derived from the United States government and government related contracts. Such contracts have certain risks which include dependence on future appropriations and administrative allotment of funds and changes in government policies. Costs incurred under United States government contracts are subject to audit. The Company believes that the results of such audits will not have a material adverse effect on its financial position or its results of operations.

Allowance for Doubtful Accounts Receivable The Company performs ongoing credit evaluations of its customers and adjusts credit limits based upon payment history and the customer's current credit worthiness, as determined by a review of their current credit information. The Company continuously monitors collections and payments from our customers and maintains a provision for estimated credit losses based upon historical experience and any specific customer collection issues that have been identified. While such credit losses have historically been minimal, within expectations and the provisions established, the Company cannot guarantee that it will continue to experience the same credit loss rates as in the past. A significant change in the liquidity or financial position of any significant customers could have a material adverse effect on the collectability of accounts receivable and future operating results. When all collection efforts have failed and it is deemed probable that a customer account is uncollectible, that balance is written off against the existing allowance.

Shipping and Handling Costs The Company includes shipping and handling fees billed to customers in net revenue and corresponding shipping and handling costs incurred in cost of revenues. These amounts were approximately $94,852 and $71,125 during the years ended September 30, 2012 and 2011, respectively.

Research and Development The Company expenses research and development costs as incurred. Research and development costs include salaries, employee benefit costs, department supplies, direct project costs and other related costs. Research and development costs incurred during the years ended September 30, 2012 and 2011 were $25,235,228 and $23,985,088, respectively. Substantially all of these research and development costs relate to research contracts performed by RMD which are in turn billed to the contracting party. Amounts of research and development included within cost of revenue for the years ended September 30, 2012 and 2011 were $15,410,859 and $14,945,521, respectively. Remaining amounts are recorded within selling, general and administrative expenses on the consolidated statements of operations.

Costs in Excess of Billings and Unbilled Receivables Costs in excess of billings relates to research and development contracts and consists of actual costs incurred plus fees in excess of billings at provisional contract rates. Convertible Preferred Stock The Company considers the guidance of EITF 98-5, "Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios" and EITF 00-27, "Application of Issue No. 98-5 to Certain Convertible Instruments", codified in FASB ASC Topic 470-20 when accounting for the issuance of convertible preferred stock. The Company's convertible preferred stock, when issued, are generally convertible to common stock at or above the then current market price of the Company's common stock and therefore, contain no beneficial conversion feature.

Patent Costs  Costs incurred in filing, prosecuting and maintaining patents (principally legal fees) are expensed as incurred and recorded within selling, general and administrative expenses on the consolidated statements of operations. Such costs aggregated approximately $393,040 and $315,549 for the years ended September 30, 2012 and 2011, respectively.

Inventories Inventories are stated at the lower of average cost or market. Cost is determined using the first-in, first-out (FIFO) method and includes material, labor and overhead. Inventories consist primarily of raw materials, work-in-process and finished goods. A significant decrease in demand for the Company's products could result in a short-term increase in the cost of inventory purchases and an increase of excess inventory quantities on hand. In addition, as technologies change or new products are developed, product obsolescence could result in an increase in the amount of obsolete inventory quantities on hand. Therefore, although the Company makes every effort to ensure the accuracy of its forecasts of future product demand, any significant unanticipated changes in demand or technological developments could have a significant impact on the value of the inventory and reported operating results. The Company records, as a charge to cost of revenues, any amounts required to reduce the carrying value to net realizable value.

Property, Plant and Equipment Property, plant and equipment are recorded at cost or at fair market value for acquired assets. Depreciation is provided using the straight-line method over the estimated useful lives of the respective assets. The estimated useful lives of assets for financial reporting purposes are as follows: building and improvements, 8 to 25 years; machinery and equipment, 5 to 10 years; office furniture and fixtures, 5 to 10 years; transportation equipment, 5 years. Maintenance and repairs are charged to expense as incurred; major renewals and betterments are capitalized. When items of property, plant and equipment are sold or retired, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is included in income.

Goodwill   The Company annually assesses goodwill impairment at the end of the fourth quarter of the fiscal year by applying a fair value test. In the first step of testing for goodwill impairment, the Company estimates the fair value of each reporting unit. The reporting units have been determined as RMD which is the Contract Research reportable segment, Dynasil Products which is the Instruments reportable segment and Hilger Crystals, which is a component of the Optics reportable segment. The Company compares the fair value with the carrying value of the net assets assigned to each reporting unit. If the fair value is less than its carrying value, then the Company performs a second step and determines the fair value of the goodwill. In this second step, the fair value of goodwill is determined by deducting the fair value of a reporting unit’s identifiable assets and liabilities from the fair value of the reporting unit as a whole, as if that reporting unit had just been acquired and the purchase price were being initially allocated. If the fair value of the goodwill is less than its carrying value for a reporting unit, an impairment charge is recorded to earnings.   To determine the fair value of each of the reporting units as a whole, the Company uses a discounted cash flow analysis, which requires significant assumptions and estimates about the future operations of each reporting unit. Significant judgments inherent in this analysis include the determination of appropriate discount rates, the amount and timing of expected future cash flows and growth rates. The cash flows employed in the discounted cash flow analyses are based on financial forecasts developed internally by management. The discount rate assumptions are based on an assessment of the Company’s risk adjusted discount rate, applicable for each reporting unit. In assessing the reasonableness of the determined fair values of the reporting units, the Company evaluates its results against its current market capitalization. <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">  </div> In addition, the Company evaluates a reporting unit for impairment if events or circumstances change between annual tests indicating a possible impairment. Examples of such events or circumstances include the following:   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify;">a significant adverse change in legal status or in the business climate,</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify;">an adverse action or assessment by a regulator, </td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify;">a more likely than not expectation that a segment or a significant portion thereof will be sold, or</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify;">the testing for recoverability of a significant asset group within the segment.</td> </tr> </table>   <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In connection with the annual fair value test of goodwill, performed at the end of the fourth quarter of fiscal year 2012, the step one analysis indicated that the fair value of Dynasil Products was less than its carrying value. The Company proceeded to a step two analysis, which included valuing the tangible and intangible assets and liabilities of Dynasil Products to determine the implied fair value of goodwill. The result of this assessment indicated that the implied fair value of goodwill was less than its carrying value. As a result, the Company recognized a non-cash, pre-tax charge of $2,284,499 as impairment during the year ended September 30, 2012. See Note 7 for further discussion.</div>

Intangible Assets The Company's intangible assets consist of acquired customer relationships, trade names, acquired backlog, know-how and provisionally patented technologies. The Company amortizes its intangible assets with definitive lives over their useful lives, which range from 4 to 15 years, based on the time period the Company expects to receive the economic benefit from these assets. The Company has a trade name related to its UK subsidiary that has been determined to have an indefinite life and is therefore not subject to amortization and is reviewed at least annually for potential impairment. The fair value of the Company’s trade name is estimated and compared to its carrying value to determine if impairment exists. The Company estimates the fair value of this intangible asset based on an income approach using the relief-from-royalty method. This methodology assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of this asset. This approach is dependent on a number of factors, including estimates of future sales, royalty rates in the category of intellectual property, discount rates and other variables. Significant differences between these estimates and actual results could materially affect the Company’s future financial results.

Recovery of Long-Lived Assets   The Company continually assesses whether events or changes in circumstances have occurred that may warrant revision of the estimated useful lives of its long-lived assets (other than goodwill) or whether the remaining balances of those assets should be evaluated for possible impairment. Long-lived assets include, for example, customer relationships, trade names, backlog, know-how and provisionally patented technologies. Events or changes in circumstances that may indicate that an asset may be impaired include the following:   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify; text-indent: -0.15in; padding-left: 0.15in;">a significant decrease in the market price of an asset or asset group,</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify; text-indent: -0.15in; padding-left: 0.15in;">a significant adverse change in the extent or manner in which an asset or asset group is being used or in its physical condition,</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify; text-indent: -0.15in; padding-left: 0.15in;">a significant adverse change in legal factors or in the business climate that could affect the value of an asset or asset group, including an adverse action or assessment by a regulator,</td> </tr> </table>   <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify; text-indent: -0.15in; padding-left: 0.15in;">an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset,</td> </tr> </table> </div>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify; text-indent: -0.15in; padding-left: 0.15in;">a current period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group,</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify; text-indent: -0.15in; padding-left: 0.15in;">a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life, or</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 31.5pt;"></td> <td style="width: 31.5pt;">•</td> <td style="text-align: justify; text-indent: -0.15in; padding-left: 0.15in;">an impairment of goodwill at a reporting unit.</td> </tr> </table>   If an impairment indicator occurs, the Company performs a test of recoverability by comparing the carrying value of the asset or asset group to its undiscounted expected future cash flows. The Company groups its long-lived assets for this purpose at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets or asset groups. If the carrying values are in excess of undiscounted expected future cash flows, the Company measures any impairment by comparing the fair value of the asset or asset group to its carrying value.   To determine fair value the Company uses discounted cash flow analyses and estimates about the future cash flows of the asset or asset group. This analysis includes a determination of an appropriate discount rate, the amount and timing of expected future cash flows and growth rates. The cash flows employed in the discounted cash flow analyses are typically based on financial forecasts developed internally by management. The discount rate used is commensurate with the risks involved. The Company may also rely on third party valuations and or information available regarding the market value for similar assets.   <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">If the fair value of an asset or asset group is determined to be less than the carrying amount of the asset or asset group, impairment in the amount of the difference is recorded in the period that the impairment occurs. Estimating future cash flows requires significant judgment and projections may vary from the cash flows eventually realized.</div>

Fair Value Measurements The Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. Under the FASB’s authoritative guidance on fair value measurements, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  The Fair Value Measurements Topic of the FASB Accounting Standards Codification establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Assets and liabilities measured at fair value are to be categorized into one of the three hierarchy levels based on the inputs used in the valuation. The Company classifies assets and liabilities in their entirety based on the lowest level of input significant to the fair value measurement. There were no transfers between levels for all periods presented. The three levels are defined as follows: <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.25in;"></td><td style="width: 0.25in;">·</td><td>Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities.</td></tr></table><table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.25in;"></td><td style="width: 0.25in;">·</td><td>Level 2: Observable inputs based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets.</td></tr></table><table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.25in;"></td><td style="width: 0.25in;">·</td><td>Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances.</td></tr></table> A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. At September 30, 2012, the Company’s assets recorded at fair value on a nonrecurring basis include goodwill. See Notes 7 and 8 for fair value and related fair value disclosures for goodwill at September 30, 2012. The FASB fair value guidance also applies to certain assets that indirectly impact the consolidated financial statements, including pension plan assets. While the Company does not have direct control over these assets, the Company is indirectly impacted by subsequent fair value adjustments to these assets and the actual return on these assets not only affects the net periodic benefit cost but also the amount included in the consolidated balance sheet. The Company uses the fair value hierarchy to measure the fair value of assets held in the pension plan. See Note 12 for related fair value disclosures.

Deferred Financing Costs Deferred financing costs, net of $165,457 and $150,656 at September 30, 2012 and 2011 include accumulated amortization of $90,697 and $48,898, respectively. Amortization expense for the years ended September 30, 2012 and 2011 was $41,799 and $39,912, respectively, and was recorded as interest expense. Future amortization will be $51,228 in fiscal 2013 and fiscal 2014, $42,236 in fiscal 2015, $11,316 in fiscal 2016 and $9,449 in fiscal 2017.

Advertising The Company expenses all advertising costs as incurred. Advertising expense for the years ended September 30, 2012 and 2011 was $118,250 and $246,426.

Deferred Rent Deferred rent consists of the excess of the allocable straight line rent expense to date as compared to the total amount of rent due and payable through such period. Deferred rent is recorded as a reduction to rent expense over the term of the lease. Deferred rent was $48,833 and $96,840 as of September 30, 2012 and 2011 and is included in accrued expenses and other liabilities.

Retirement Plans The Company has retirement savings plans available to substantially all full time employees which are intended to qualify as deferred compensation plans under Section 401(k) of the Internal Revenue Code (the “401k Plans”).  Pursuant to the 401k Plans, employees may contribute up to the maximum amount allowed by the 401k Plans or by law.  The Company at its sole discretion may from time to time make discretionary matching contributions as it deems advisable. The Company’s EMF subsidiary has a defined benefit pension plan covering hourly employees.  The plan provides defined benefits based on years of service and final average salary. As of September 30, 2006, the plan was frozen.  The Company may make contributions to the plan to satisfy minimum Employee Retirement Income Security Act (“ERISA”) funding requirements. Pension costs and obligations are calculated using various actuarial assumptions and methodologies as prescribed under ASC 715. To assist in developing these assumptions and methodologies, the Company uses the services of an independent consulting firm. To determine the benefit obligations, the assumptions the Company uses include, but are not limited to, the selection of the discount rate. The projected unit credit cost method is used to calculate each member’s plan benefit as it accrues recognizing future salary increases (if applicable) to assumed retirement age. Each member’s service cost is the present value of the benefit which will accrue during the year using expected future salary for salary related benefits. The projected benefit obligation (PBO) is the present value of projected benefits based on service accrued to date. In accordance with authoritative guidance, the Company recognizes the funded status of the plan in its financial statements and the gains or losses and prior service costs or credits that arise during the period, but are not recognized as components of net periodic cost, as a component of other comprehensive income, net of tax.

Income Taxes Dynasil Corporation of America and its wholly owned U.S. subsidiaries file a consolidated federal income tax return and various state returns. The Company’s U.K. subsidiary files tax returns in the U.K. The Company uses the asset and liability approach to account for deferred income taxes. Under this approach, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and net operating loss and tax credit carry-forwards. The amount of deferred taxes on these temporary differences is determined using the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on tax rates, and tax laws, in the respective tax jurisdiction then in effect. In assessing the ability to realize the net deferred tax assets, management considers various factors including taxable income in carryback years, future reversals of existing taxable temporary differences, tax planning strategies and projections of future taxable income, to determine whether it is more likely than not that some portion or all of the net deferred tax assets will not be realized. Based upon the Company’s current losses and uncertainty of future profits, the Company has determined that the uncertainty regarding the realization of these assets is sufficient to warrant the need for a full valuation allowance against its U.S. net deferred tax assets. The Company applies the authoritative provisions related to accounting for uncertainty in income taxes. As required by these provisions, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more-likely-than-not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being reached upon ultimate settlement with the relevant tax authority. As of September 30, 2012 and 2011, the Company has no unrecorded liabilities for uncertain tax positions. Interest and penalty charges, if any, related to uncertain tax positions would be classified as income tax expense in the accompanying consolidated statement of operations. As of September 30, 2012 and 2011, the Company had no accrued interest or penalties related to uncertain tax positions.

<div> Earnings Per Common Share   Basic earnings (loss) per common share is computed by dividing the net income applicable or loss attributable to common shares after preferred dividends paid, if applicable, by the weighted average number of common shares outstanding during each period. Diluted earnings per common share adjusts basic earnings per share for the effects of common stock options, common stock warrants, convertible preferred stock and other potential dilutive common shares outstanding during the periods.   For the year ended September 30, 2012, 922,317 shares of potential common stock related to restricted stock and stock options were excluded from the calculation of dilutive shares since there was a loss from operations and the inclusion of potential shares would be anti-dilutive. If the Company had not been in a loss position as of September 30, 2012, 127,834 shares of restricted stock would have been considered in the denominator used to calculate diluted earnings per common share. <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> For purposes of computing diluted earnings per share for the year ended September 30, 2011, 194,778 common share equivalents were assumed to be outstanding.</div>   The computations of the weighted shares outstanding for the years ended September 30 are as follows:   <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Weighted average shares outstanding</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in; width: 68%;">Common Stock</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 13%;">14,811,294</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 13%;">14,932,226</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in;">Effect of dilutive securities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.375in;">Stock Options</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">194,778</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 0.125in;">Dilutive Average Shares Outstanding</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">14,811,294</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">15,127,004</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> </div> </div>

Stock Based Compensation Stock-based compensation cost is measured using the fair value recognition provisions of the FASB authoritative guidance, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors, including employee stock options, based on estimated fair values. Stock-based compensation cost is measured at the grant date based on the value of the award and is recognized over the requisite service period of the award.

Foreign Currency Translation The operations of Hilger, the Company’s foreign subsidiary, use their local currency as its functional currency. Assets and liabilities of the Company’s foreign operations, denominated in their local currency, Great Britain Pounds (GBP), are translated at the rate of exchange at the balance sheet date. Revenue and expense accounts are translated at the average exchange rates during the period. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are included in the foreign currency translation adjustment, a component of accumulated other comprehensive income in stockholders’ equity. Gains and losses generated by transactions denominated in foreign currencies are recorded in the accompanying statement of operations in the period in which they occur.

Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Accumulated comprehensive income (loss) represents cumulative translation adjustments related to Hilger Crystals, the Company’s foreign subsidiary and cumulative adjustments pertaining to the Company’s Defined Benefit Pension Plan. The Company presents comprehensive income and losses in the consolidated statements of operations and comprehensive income (loss).

Financial Instruments The carrying amount reported in the balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of the immediate or short-term maturity of these financial instruments. The carrying amounts for fixed rate long-term debt and variable rate long term debt approximate fair value because the underlying instruments are primarily at current market rates available to the Company for similar borrowings. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. In the normal course of business, the Company extends credit to certain customers. Management performs initial and ongoing credit evaluations of their customers and generally does not require collateral.

Concentration of Credit Risk The Company maintains allowances for potential credit losses and has not experienced any significant losses related to the collection of its accounts receivable. As of September 30, 2012 and 2011, approximately $1,608,073 and $1,762,872 or 28% and 24% of the Company’s accounts receivable are due from foreign sales. The Company maintains cash and cash equivalents at various financial institutions in New Jersey, Massachusetts and New York. Accounts at each institution are insured by the Federal Deposit Insurance Corporation up to $250,000. At September 30, 2012 and 2011, the Company's uninsured bank balances totaled $3,022,713 and $3,308,182. The Company has not experienced any significant losses on its cash and cash equivalents.

New Accounting Pronouncements In June 2011, the FASB issued Accounting Standards Update 2011-05 (“ASU 2011-05”), Comprehensive Income (Topic 220), Presentation of Comprehensive Income. ASU 2011-05 eliminates the current option to report other comprehensive income and its components in the statement of changes in stockholder’s equity. In addition, the new guidance requires consecutive presentation of the statement of net income and other comprehensive income with the presentation of reclassification adjustments from other comprehensive income to net income on the face of the financial statements. In December 2011, the FASB issued Accounting Standards Update 2011-12 (“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, which is an update to ASU 2011-05. This amendment indefinitely defers the guidance relating to the presentation of reclassification adjustments. ASUs 2011-05 and 2011-12 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, with early adoption permitted. The Company adopted ASU 2011-05 effective March 31, 2012 with the effect being a change in financial statement presentation. The Company will adopt ASU 2011-12 on October 1, 2012. The Company does not expect the adoption of the new disclosure requirements to have a material impact on its disclosures or consolidated financial position, results of operations or cash flows. In September 2011, the FASB issued Accounting Standards Update 2011-08 (“ASU 211-08”), Intangibles—Goodwill and Other (Topic 350), Testing Goodwill for Impairment, to simplify how entities test goodwill for impairment. ASU 2011-08 allows entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If a greater than 50 percent likelihood exists that the fair value is less than the carrying amount, then a two-step goodwill impairment test as described in Topic 350 must be performed. The qualitative assessment is optional, allowing companies to go directly to the quantitative assessment. The guidance provided by this update becomes effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, with early adoption permitted. This new standard will be effective for the Company beginning in fiscal 2013. The Company does not expect the adoption to have a material impact on its consolidated financial statements. In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. The amendments result in a consistent definition of fair value and common requirements for measurement of and disclosure regarding fair value between U.S. GAAP and International Financial Reporting Standards. Specifically, the amendments clarify the application of existing fair value measurement and disclosure requirements, including: a) application of the highest and best use and valuation premise concepts, b) measurement of the fair value of an instrument classified in a reporting entity's shareholders equity, and c) quantitative disclosure about the unobservable inputs used in a fair value measurement that is categorized within Level 3 of the fair value hierarchy. The amendments also change a particular principle or requirement for fair value measurement and disclosure, including: a) measurement of the fair value of financial instruments that are managed within a portfolio, b) application of premiums and discounts in a fair value measurement, and c) additional disclosure about fair value measurements. This new standard will be effective for the Company beginning in fiscal 2013 and the Company does not expect the adoption to have a material impact on its consolidated financial statements.

Cash and Cash Equivalents The Company generally considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

Reclassifications Certain amounts as previously reported have been reclassified to conform to the current year financial statement presentation.

The computations of the weighted shares outstanding for the years ended September 30 are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Weighted average shares outstanding</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in; width: 68%;">Common Stock</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 13%;">14,811,294</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 13%;">14,932,226</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in;">Effect of dilutive securities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.375in;">Stock Options</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">194,778</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 0.125in;">Dilutive Average Shares Outstanding</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">14,811,294</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">15,127,004</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

Inventories, net of reserves, at September 30, 2012 and 2011 consisted of the following: <table style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap"> </td><td style="font-weight: bold;" nowrap="nowrap"> </td><td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">September 30,</td><td style="font-weight: bold;" nowrap="nowrap"> </td><td style="font-weight: bold;" nowrap="nowrap"> </td><td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">September 30,</td><td style="font-weight: bold;" nowrap="nowrap"> </td></tr><tr style="vertical-align: bottom;"><td nowrap="nowrap"> </td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2012</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2011</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; width: 58%;">Raw Materials</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 18%;">2,096,681</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 18%;">2,149,401</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td>Work-in-Process</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">885,328</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">757,709</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Finished Goods</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">289,691</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">343,429</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">3,271,700</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">3,250,539</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table>

<div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">  Property, plant and equipment at September 30, 2012 and 2011 consist of the following: <table style="width: 70%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="width: 64%;">Land</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 15%;">185,445</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 15%;">182,812</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Building and improvements</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,381,094</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,843,843</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Machinery and equipment</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">7,173,520</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">6,892,690</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Office furniture and fixtures</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">437,755</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">264,689</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Transportation equipment</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">53,419</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">53,419</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">11,231,234</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">10,237,453</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Less accumulated depreciation</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(6,247,084</td><td style="text-align: left; padding-bottom: 1pt;">)</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(5,377,125</td><td style="text-align: left; padding-bottom: 1pt;">)</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">4,984,150</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">4,860,328</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table></div>

Intangible assets at September 30, 2012 and 2011 consist of the following: <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" nowrap="nowrap">Useful</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">Gross</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">Accumulated</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2"> </td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold;">September 30, 2012</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap">Life (years)</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Amount</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Net</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; width: 37%;">Acquired Customer Base</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: center; width: 15%;" nowrap="nowrap">5-15</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 12%;">7,858,775</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 12%;">2,257,533</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 12%;">5,601,242</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Know How</td><td> </td><td style="text-align: left;"> </td><td style="text-align: center;" nowrap="nowrap">15</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">512,000</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">145,147</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">366,853</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Trade Names</td><td> </td><td style="text-align: left;"> </td><td style="text-align: center;" nowrap="nowrap">15 - Indefinite</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">558,435</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">63,222</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">495,213</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td>Backlog</td><td> </td><td style="text-align: left;"> </td><td style="text-align: center;" nowrap="nowrap">4</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">182,000</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">182,000</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-0-</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Biomedical Technologies</td><td style="padding-bottom: 1pt;"> </td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap">5</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">300,000</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">60,003</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">239,997</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="text-align: center; padding-bottom: 2.5pt;" nowrap="nowrap"> </td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">9,411,210</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">2,707,905</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">6,703,305</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table> <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" nowrap="nowrap">Useful</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">Gross</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">Accumulated</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2"> </td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold;">September 30, 2011</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap">Life (years)</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Amount</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Net</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; width: 37%;">Acquired Customer Base</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: center; width: 15%;" nowrap="nowrap">5-15</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 12%;">7,830,117</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 12%;">1,617,596</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 12%;">6,212,521</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Know How</td><td> </td><td style="text-align: left;"> </td><td style="text-align: center;" nowrap="nowrap">15</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">512,000</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">110,933</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">401,067</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Trade Names</td><td> </td><td style="text-align: left;"> </td><td style="text-align: center;" nowrap="nowrap">15 - Indefinite</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">546,240</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">48,622</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">497,618</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td>Backlog</td><td> </td><td style="text-align: left;"> </td><td style="text-align: center;" nowrap="nowrap">4</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">182,000</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">126,700</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">55,300</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Biomedical Technologies</td><td style="padding-bottom: 1pt;"> </td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap">5</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">300,000</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">-0-</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">300,000</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="text-align: center; padding-bottom: 2.5pt;" nowrap="nowrap"> </td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">9,370,357</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">1,903,851</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">7,466,506</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table>

Amortization expense for the years ended September 30, 2012 and 2011 was $802,511 and $596,820 respectively. Estimated amortization expense for each of the next five fiscal years is as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2013</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2014</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2015</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2016</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2017</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Thereafter</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Total</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 23%;">Acquired Customer Base</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">542,615</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">542,615</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">542,615</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">542,615</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">542,615</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">2,888,167</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">5,601,242</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Know How</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">34,133</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">34,133</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">34,133</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">34,133</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">34,133</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">196,188</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">366,853</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Trade Names</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">81,992</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">154,992</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Biomedical Technologies</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">60,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">60,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">60,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">59,997</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">239,997</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">651,348</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">651,348</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">651,348</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">651,345</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">591,348</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,166,347</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">6,363,084</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

The changes to goodwill during the year ended September 30, 2012 are summarized as follows:<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">Contract</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Research</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Optics</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Instruments</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Total</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="width: 48%;">Goodwill at September 30, 2011</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 10%;">4,938,625</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 10%;">1,283,775</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 10%;">6,299,571</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 10%;">12,521,971</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt;">Goodwill impairment on Dynasil Products</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(2,284,499</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(2,284,499</td><td style="text-align: left;">)</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;">Currency translation on Hilger Crystals</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">-</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">16,688</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">-</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">16,688</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Goodwill at September 30, 2012</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">4,938,625</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">1,300,463</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">4,015,072</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">10,254,160</td><td style="text-align: left; padding-bottom: 2.5pt;"></td></tr></table>

Assets measured at fair value on a nonrecurring basis at September 30, 2012 included the following: Fair Value Measurements Using Inputs Considered as <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Fair Value at September 30, 2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Level 1</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Level 2</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Level 3</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 48%;">Goodwill (Dynasil Products Reporting Unit)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">4,015,072</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">4,015,072</td> <td style="text-align: left; width: 1%;"></td> </tr> </table>

Debt at September 30, 2012 and 2011 is summarized as follows: <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; width: 74%;">Note payable to bank in monthly installments of $107,143 through July, 2015 followed by a balloon payment of the remaining principal amount.  The interest rate is fixed at 5.58% for the life of the loan, and the note is secured by substantially all assets.</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 10%;">6,214,286</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 10%;">7,500,000</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Note payable to bank in monthly installments of $47,619 through July, 2015 followed by a balloon payment of the remaining principal amount.  The interest rate is floating based on one month LIBOR plus 3.5%.  The rate at September 30, 2012 was 3.79%. The rate at September 30, 2011 was 3.76%, and the note is secured by substantially all assets.</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,761,905</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,333,333</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Subordinated note payable to Masschusetts Capital Resource Corporation in monthly installments of $25,000 through July, 2015 for interest only, followed by monthly payments of interest and principle through July 2018.  The interest rate is fixed at 10.00% for the life of the loan.</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">3,000,000</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Note payable to Ithaca Urban Renewal Agency for Lease of land in Ithaca, New York for 99 years with the options to purchase said land for $26,640 after May 2008.</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">8,301</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">11,837</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;">Total Debt</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;">$</td><td style="border-bottom: black 1pt solid; text-align: right;">11,984,492</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;">$</td><td style="border-bottom: black 1pt solid; text-align: right;">10,845,170</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Less current portion</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(11,984,492</td><td style="text-align: left; padding-bottom: 1pt;">)</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(1,859,728</td><td style="text-align: left; padding-bottom: 1pt;">)</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in;">Long term portion</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">0</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">8,985,442</td><td style="text-align: left; padding-bottom: 2.5pt;"></td></tr></table>

As previously disclosed, all outstanding indebtedness as of September 30, 2012 has been classified as current based on default of covenants; however the aggregate maturities of debt based on the payment terms of the agreement are as follows:   <table style="width: 50%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;" colspan="6">For the years ending on September 30:</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 48%;">2013</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 47%;">1,865,444</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;"> </td> <td style="text-align: right;">2014</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,857,143</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"> </td> <td style="text-align: right;">2015</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,261,905</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;"> </td> <td style="text-align: right;">2016</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,565,208</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;">2017</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,434,792</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">11,984,492</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

Income (loss) before the provision (benefit) for income taxes consists of the following:  <table style="width: 70%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.25in;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td><td style="padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td><td style="padding-bottom: 1pt;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="width: 64%;">US</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 15%;">(4,014,238</td><td style="text-align: left; width: 1%;">)</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 15%;">2,184,381</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Foreign</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(330,549</td><td style="text-align: left; padding-bottom: 1pt;">)</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(539,538</td><td style="text-align: left; padding-bottom: 1pt;">)</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Total</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">(4,344,787</td><td style="text-align: left; padding-bottom: 2.5pt;">)</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">1,644,843</td><td style="text-align: left; padding-bottom: 2.5pt;"></td></tr></table>

The provision (benefit) for income taxes in the accompanying consolidated financial statements consists of the following: <table style="width: 70%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td><td style="padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td><td style="padding-bottom: 1pt;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td>Current</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 9pt; width: 64%;">Federal</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 15%;">(374,432</td><td style="text-align: left; width: 1%;">)</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 15%;">215,128</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="padding-left: 9pt;">State</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">112,024</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">172,883</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 9pt;">Foreign</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">65,318</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(223,284</td><td style="text-align: left; padding-bottom: 1pt;">)</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;">$</td><td style="border-bottom: black 1pt solid; text-align: right;">(197,090</td><td style="text-align: left; padding-bottom: 1pt;">)</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;">$</td><td style="border-bottom: black 1pt solid; text-align: right;">164,727</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td>Deferred</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-left: 9pt;">Federal</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">200,313</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">176,535</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="padding-left: 9pt;">State</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">59,351</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(35,400</td><td style="text-align: left;">)</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 9pt;">Foreign</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(103,598</td><td style="text-align: left; padding-bottom: 1pt;">)</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(12,664</td><td style="text-align: left; padding-bottom: 1pt;">)</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">156,066</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">128,471</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 2.5pt;">Income tax expense (benefit)</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">(41,024</td><td style="text-align: left; padding-bottom: 2.5pt;">)</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">293,198</td><td style="text-align: left; padding-bottom: 2.5pt;"></td></tr></table>

A reconciliation of the federal statutory rate to the Company's effective tax rate is as follows: <table style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td><td style="padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td><td style="padding-bottom: 1pt;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; width: 64%;">Tax due at statutory rate</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 15%;">34.00</td><td style="text-align: left; width: 1%;">%</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 15%;">34.00</td><td style="text-align: left; width: 1%;">%</td></tr><tr style="background-color: white; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">State tax provision, net of federal</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5.22</td><td style="text-align: left;">%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">7.79</td><td style="text-align: left;">%</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Valuation allowance</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-35.98</td><td style="text-align: left;">%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">0.00</td><td style="text-align: left;">%</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Permanent differences</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-0.86</td><td style="text-align: left;">%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-1.77</td><td style="text-align: left;">%</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Tax credits generated</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">0.50</td><td style="text-align: left;">%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-24.83</td><td style="text-align: left;">%</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Foreign rate differential and other</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">-1.93</td><td style="text-align: left; padding-bottom: 1pt;">%</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">2.62</td><td style="text-align: left; padding-bottom: 1pt;">%</td></tr><tr style="background-color: white; vertical-align: bottom;"><td>Total</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">0.95</td><td style="text-align: left;">%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">17.81</td><td style="text-align: left;">%</td></tr></table>

Net deferred tax assets (liabilities) consisted of the following at September 30, 2012: <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Domestic</td><td style="padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Foreign</td><td style="padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Worldwide</td><td style="padding-bottom: 1pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="width: 61%;">Credits</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 10%;">1,362,543</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 10%;">-</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 10%;">1,362,543</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td>NOLs</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">170,522</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">41,868</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">212,390</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Stock compensation</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">170,362</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">170,362</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td>Accruals</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">497,335</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">497,335</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td>Intangibles</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">73,681</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">73,681</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Other</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">205,154</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">-</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">205,154</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Gross deferred tax assets</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,479,597</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">41,868</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,521,465</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Valuation allowance</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(1,700,949</td><td style="text-align: left; padding-bottom: 1pt;">)</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">-</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(1,700,949</td><td style="text-align: left; padding-bottom: 1pt;">)</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Deferred tax assets, net</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">778,648</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">41,868</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">820,516</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td>Depreciation</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(778,648</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(65,948</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(844,596</td><td style="text-align: left;">)</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Intangibles</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">-</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(220,989</td><td style="text-align: left; padding-bottom: 1pt;">)</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(220,989</td><td style="text-align: left; padding-bottom: 1pt;">)</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Gross deferred tax liabilities</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(778,648</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(286,937</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(1,065,585</td><td style="text-align: left;">)</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;"> </td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;"> </td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;"> </td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 2.5pt;">Net deferred tax asset (liability)</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">-</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">(245,069</td><td style="text-align: left; padding-bottom: 2.5pt;">)</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">(245,069</td><td style="text-align: left; padding-bottom: 2.5pt;">)</td></tr></table> Net deferred tax assets (liabilities) consisted of the following at September 30, 2011: <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Domestic</td><td style="padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Foreign</td><td style="padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Worldwide</td><td style="padding-bottom: 1pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="width: 61%;">Credits</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 10%;">969,000</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 10%;">-</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 10%;">969,000</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td>NOLs</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Stock compensation</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">45,752</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">45,752</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td>Accruals</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">193,300</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">193,300</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td>Intangibles</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Other</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">280,764</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">-</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">280,764</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Gross deferred tax assets</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,443,064</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">45,752</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,488,816</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Valuation allowance</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">-</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">-</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">-</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Deferred tax assets, net</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,443,064</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">45,752</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,488,816</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td>Depreciation</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(623,100</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(110,452</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(733,552</td><td style="text-align: left;">)</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Intangibles</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(560,300</td><td style="text-align: left; padding-bottom: 1pt;">)</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(283,967</td><td style="text-align: left; padding-bottom: 1pt;">)</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(844,267</td><td style="text-align: left; padding-bottom: 1pt;">)</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Gross deferred tax liabilities</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(1,183,400</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(394,419</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(1,577,819</td><td style="text-align: left;">)</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;"> </td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;"> </td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;"> </td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 2.5pt;">Net deferred tax asset (liability)</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">259,664</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">(348,667</td><td style="text-align: left; padding-bottom: 2.5pt;">)</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">(89,003</td><td style="text-align: left; padding-bottom: 2.5pt;">)</td></tr></table>

The weighted average assumptions for grants during the years ended September 30, 2012 and 2011 used in the Black-Scholes option pricing model were as follows: <table style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Expected term in years</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5 years</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3 years</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; width: 64%;">Risk-free interest rate</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 15%;">2.64</td><td style="text-align: left; width: 1%;">%</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 15%;">3.95</td><td style="text-align: left; width: 1%;">%</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Expected volatility</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">93.62</td><td style="text-align: left;">%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">85.21</td><td style="text-align: left;">%</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Expected dividend yield</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">0.00</td><td style="text-align: left;">%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">0.00</td><td style="text-align: left;">%</td></tr></table>

A summary of stock option activity for the years ended September 30, 2012 and 2011 is presented below: <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap"> </td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Options Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted Average Exercise Price per Share ($)</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted Average Remain Contractual Term (in Years)</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="padding-bottom: 2.5pt; width: 61%;">Balance at September 30, 2011</td><td style="padding-bottom: 2.5pt; width: 1%;"> </td><td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;"> </td><td style="border-bottom: black 2.5pt double; text-align: right; width: 10%;">1,283,997</td><td style="text-align: left; padding-bottom: 2.5pt; width: 1%;"> </td><td style="padding-bottom: 2.5pt; width: 1%;"> </td><td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;"> </td><td style="border-bottom: black 2.5pt double; text-align: right; width: 10%;">3.10</td><td style="text-align: left; padding-bottom: 2.5pt; width: 1%;"> </td><td style="padding-bottom: 2.5pt; width: 1%;"> </td><td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;"> </td><td style="border-bottom: black 2.5pt double; text-align: right; width: 10%;">2.22</td><td style="text-align: left; padding-bottom: 2.5pt; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 2.5pt;">Vested and exercisable at September 30, 2011</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">924,622</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">2.73</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">1.98</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td>Granted</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">43,960</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3.03</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td>Exercised</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(138,373</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1.58</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Cancelled</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(395,101</td><td style="text-align: left; padding-bottom: 1pt;">)</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">3.14</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;"> </td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Balance at September 30, 2012</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">794,483</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">3.34</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">1.75</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 2.5pt;">Vested and Exercisable at September 30, 2012</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">794,483</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">3.34</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">1.75</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table> <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold;" colspan="2" nowrap="nowrap">Range of Exercise Prices</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Options Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted Average Contractual Life (years)</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Options Exercisable</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 14%;">2.00 - 2.99</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 14%;">200,000</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 14%;">1.84</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 14%;">2.00</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 14%;">200,000</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 13%;">2.00</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;"> </td><td style="text-align: right;">3.00 - 3.99</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">259,681</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1.44</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3.24</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">259,681</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3.24</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;"> </td><td style="text-align: right;">4.00 - 4.99</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">295,000</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1.91</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">4.00</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">295,000</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">4.00</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;"> </td><td style="text-align: right;">5.00 - 5.99</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">29,528</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2.03</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5.53</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">29,528</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5.53</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">6.00 - 6.65</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">10,274</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">2.17</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">6.65</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">10,274</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">6.65</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">$</td><td style="text-align: right;">2.00 - 6.65</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">794,483</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1.75</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">3.34</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">794,483</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">3.34</td><td style="text-align: left;"></td></tr></table>

A summary of restricted stock activity for the year ended September 30, 2012 and 2011 is presented below: <table style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap">Restricted Stock Activity for the Year ended September 30, 2012</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Shares</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted-Average Grant-Date Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="width: 64%;">Nonvested at September 30, 2011</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 15%;">403,000</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 15%;">4.02</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td>Granted</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">104,000</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">1.10</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td>Vested</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(127,166</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">3.72</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Cancelled</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(252,000</td><td style="text-align: left; padding-bottom: 1pt;">)</td><td style="padding-bottom: 1pt;"> </td><td style="text-align: left; padding-bottom: 1pt;">$</td><td style="text-align: right; padding-bottom: 1pt;">4.03</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Nonvested at September 30, 2012</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">127,834</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="text-align: left; padding-bottom: 2.5pt;">$</td><td style="text-align: right; padding-bottom: 2.5pt;">1.92</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table> <table style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap">Restricted Stock Activity for the Year ended September 30, 2011</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Shares</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted-Average Grant-Date Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="width: 64%;">Nonvested at September 30, 2010</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 15%;">7,500</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 15%;">3.75</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td>Granted</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">423,000</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">4.02</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td>Vested</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(27,500</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">4.00</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Cancelled</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">-0-</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="text-align: right; padding-bottom: 1pt;">-0-</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Nonvested at September 20, 2011</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">403,000</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="text-align: left; padding-bottom: 2.5pt;">$</td><td style="text-align: right; padding-bottom: 2.5pt;">4.02</td><td style="text-align: left; padding-bottom: 2.5pt;"></td></tr></table>

The changes in benefit obligations and plan assets under the pension plan were as follows as of and for the year ended September 30, 2012: <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Change in benefit obligation:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt; width: 82%;">Benefit obligation at beginning of fiscal year</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 15%;">397,760</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-left: 0.25in;">Service costs</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-left: 0.25in;">Interest costs</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">20,659</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-left: 0.25in;">Benefits paid</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(8,621</td><td style="text-align: left;">)</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;">Actuarial loss</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">231,002</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Benefit obligation at end of fiscal year</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">640,800</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Change in plan assets:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt;">Fair value of plan assets at beginning of fiscal year</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">308,089</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-left: 0.25in;">Actual return on plan assets</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(38,532</td><td style="text-align: left;">)</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-left: 0.25in;">Employer contribution</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">34,421</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;">Benefits paid</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(8,621</td><td style="text-align: left; padding-bottom: 1pt;">)</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Fair value of plan assets at end of year</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">295,357</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Funded status at end of year</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">(345,443</td><td style="text-align: left; padding-bottom: 2.5pt;">)</td></tr></table>

Amounts recognized in the consolidated balance sheets consist of the following as of September 30, 2012 and 2011: <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td><td style="padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td><td style="padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; width: 64%;"> </td><td style="padding-bottom: 1pt; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 15%;"> </td><td style="text-align: left; padding-bottom: 1pt; width: 1%;"> </td><td style="padding-bottom: 1pt; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 15%;"> </td><td style="text-align: left; padding-bottom: 1pt; width: 1%;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Long-term liabilities</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">(345,443</td><td style="text-align: left; padding-bottom: 2.5pt;">)</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">(113,344</td><td style="text-align: left; padding-bottom: 2.5pt;">)</td></tr></table>

Amounts recognized in accumulated other comprehensive income as of September 30, 2012 consist of the following: <table style="width: 65%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="width: 79%;">Net loss/(gain)</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 18%;">243,262</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Prior service cost</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">102,181</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">345,443</td><td style="text-align: left; padding-bottom: 2.5pt;"></td></tr></table>

The following table summarizes the pension plan, which has a projected benefit obligation that exceeds plan assets: <table style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td><td style="padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td><td style="padding-bottom: 1pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Projected benefit obligation in excess of plan assets:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-left: 9pt; width: 64%;">Projected benefit obligation</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 15%;">640,800</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 15%;">397,760</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="padding-left: 9pt;">Fair value of plan assets</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">295,357</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">308,089</td><td style="text-align: left;"> </td></tr></table>

The following table summarizes the components of the net periodic pension cost at September 30, 2012:  <table style="width: 50%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; width: 77%;">Interest costs</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 20%;">20,659</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Expected return on assets</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(15,189</td><td style="text-align: left;">)</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Amortization of net loss</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">17,788</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Net periodic pension cost</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">23,258</td><td style="text-align: left; padding-bottom: 2.5pt;"></td></tr></table>

Weighted-average assumptions used to determine benefit obligations at September 30, 2012 were:  <table style="width: 50%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; width: 77%;">Discount rate</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;" nowrap="nowrap"> </td><td style="text-align: right; width: 20%;" nowrap="nowrap">3.75</td><td style="text-align: left; width: 1%;">%</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Expected return on plan assets</td><td> </td><td style="text-align: left;" nowrap="nowrap"> </td><td style="text-align: right;" nowrap="nowrap">2.60</td><td style="text-align: left;">%</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Rate of compensation increase</td><td> </td><td style="text-align: left;" nowrap="nowrap"> </td><td style="text-align: right;" nowrap="nowrap">not applicable</td><td style="text-align: left;"> </td></tr></table>

The following table presents the pension plan assets financial instruments carried at fair value as of September 30, 3012 and 2011 in accordance with the fair value hierarchy: <table style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap"> </td><td nowrap="nowrap"> </td><td style="text-align: center;" colspan="2" nowrap="nowrap">Quoted prices in active markets for identical assets</td><td nowrap="nowrap"> </td><td nowrap="nowrap"> </td><td style="text-align: center;" colspan="2" nowrap="nowrap">Significant other observable inputs</td><td nowrap="nowrap"> </td><td nowrap="nowrap"> </td><td style="text-align: center;" colspan="2" nowrap="nowrap">Significant unobservable Inputs</td><td nowrap="nowrap"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">(Level 1)</td><td style="padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">(Level 2)</td><td style="padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">(Level 3)</td><td style="padding-bottom: 1pt;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td>September 30, 2012</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Money Market Separate</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="padding-bottom: 2.5pt; width: 55%;">Account</td><td style="padding-bottom: 2.5pt; width: 1%;"> </td><td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;">$</td><td style="border-bottom: black 2.5pt double; text-align: right; width: 12%;">-</td><td style="text-align: left; padding-bottom: 2.5pt; width: 1%;"> </td><td style="padding-bottom: 2.5pt; width: 1%;"> </td><td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;">$</td><td style="border-bottom: black 2.5pt double; text-align: right; width: 12%;">295,357</td><td style="text-align: left; padding-bottom: 2.5pt; width: 1%;"> </td><td style="padding-bottom: 2.5pt; width: 1%;"> </td><td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;">$</td><td style="border-bottom: black 2.5pt double; text-align: right; width: 12%;">-</td><td style="text-align: left; padding-bottom: 2.5pt; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Total plan assets</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">-</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">295,357</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">-</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td>September 30, 2011</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Money Market Separate</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;">Account</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">-</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">308,089</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">-</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;">Total plan assets</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">-</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">308,089</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">-</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table>

Benefits expected to be paid in each of the next five fiscal years and in aggregate for the five fiscal years thereafter are as follows:  <table style="width: 40%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 48%;">2013</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 47%;">12,000</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;"> </td><td style="text-align: right;">2014</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">14,000</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;"> </td><td style="text-align: right;">2015</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">16,000</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;"> </td><td style="text-align: right;">2016</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">21,000</td><td style="text-align: left;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;"> </td><td style="text-align: right;">2017</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">21,000</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="text-align: right; padding-bottom: 1pt;">2018-2022</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">140,000</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="text-align: right; padding-bottom: 2.5pt;"> </td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">224,000</td><td style="text-align: left; padding-bottom: 2.5pt;"></td></tr></table>

Years ending September 30, <table style="font: 10pt/normal times new roman, times, serif; width: 20%; margin-left: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: center; width: 50%;">2013</td> <td style="width: 8%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 40%;">895,584</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: center;">2014</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">31,750</td> <td style="text-align: left;"> </td> </tr> </table>

<table style="width: 50%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td></td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Cash Paid during the year for:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="width: 58%;">Interest</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 18%;">596,129</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 18%;">615,516</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Income taxes</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">418,179</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">541,219</td><td style="text-align: left;"> </td></tr></table>

<div>  <table style="width: 100%; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 0in 0in 0in; mso-prop-change: author 20130214t0206;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-prop-change: author 20130214t0206; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="padding: 0in; width: 100%;" valign="bottom" width="100%" nowrap="nowrap">Results of Operations for the Fiscal Year Ended September 30,</td> </tr> <tr style="mso-prop-change: author 20130214t0206; mso-yfti-irow: 1; mso-yfti-lastrow: yes;"> <td style="border-width: medium medium 1pt; border-style: none none solid; border-color: currentcolor currentcolor black; padding: 0in;" valign="bottom" nowrap="nowrap">2012</td> </tr> </table> <table style="width: 100%; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 0in 0in 0in;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom" colspan="2">Contract  Research</td> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom" colspan="2">Optics</td> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom" colspan="2">Instruments</td> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom" colspan="2">Biomedical</td> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom" colspan="2">Total</td> <td style="padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="background: #ccffcc; padding: 0in; width: 35%;" valign="bottom" width="35%">Revenue</td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 10%;" valign="bottom" width="10%">24,270,675</td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 10%;" valign="bottom" width="10%">17,456,436</td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 10%;" valign="bottom" width="10%">6,054,752</td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 10%;" valign="bottom" width="10%">105,287</td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 10%;" valign="bottom" width="10%">47,887,150</td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background: white; padding: 0in;" valign="bottom">Gross Profit</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">8,859,780</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">7,125,962</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">3,436,542</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">83,459</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">19,505,743</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background: #ccffcc; padding: 0in;" valign="bottom">SG&A</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">9,523,642</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">5,548,421</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">4,915,723</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">939,149</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">20,926,935</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="background: white; padding: 0in;" valign="bottom">Impairment of goodwill</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">-</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">-</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">2,284,499</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">-</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">2,284,499</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background: #ccffcc; padding: 0in;" valign="bottom">Operating Income (Loss)</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">(663,862)</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"></td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">1,577,541</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">(3,763,680)</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"></td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">(855,690)</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"></td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">(3,705,691)</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"></td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="background: white; padding: 0in;" valign="bottom">GM %</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">36.5%</td> <td style="background: white; padding: 0in;" valign="bottom"></td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">40.8%</td> <td style="background: white; padding: 0in;" valign="bottom"></td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">56.8%</td> <td style="background: white; padding: 0in;" valign="bottom"></td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">79.3%</td> <td style="background: white; padding: 0in;" valign="bottom"></td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">40.7%</td> <td style="background: white; padding: 0in;" valign="bottom"></td> </tr> <tr style="mso-yfti-irow: 7;"> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 8;"> <td style="background: white; padding: 0in;" valign="bottom">Depreciation and Amortization</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">237,623</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">796,847</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">575,246</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">60,003</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">1,669,719</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 9;"> <td style="background: #ccffcc; padding: 0in;" valign="bottom">Capital expenditures</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">348,314</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">462,445</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">207,454</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">-</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">1,018,213</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 10;"> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 11;"> <td style="background: #ccffcc; padding: 0in;" valign="bottom">Intangibles, Net</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">366,853</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">960,821</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">5,135,634</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">239,997</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">6,703,305</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 12;"> <td style="background: white; padding: 0in;" valign="bottom">Goodwill</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">4,938,625</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">1,300,463</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">4,015,072</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">-</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">10,254,160</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 13;"> <td style="background: #ccffcc; padding: 0in;" valign="bottom">Total Assets</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">12,870,151</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">11,588,145</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">12,537,403</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">469,729</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">37,465,428</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 14; mso-yfti-lastrow: yes; mso-table-deleted: author 20130214t0206;"> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 0in 0in 0in; mso-prop-change: author 20130214t0206;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-prop-change: author 20130214t0206; mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="padding: 0in; width: 100%;" valign="bottom" width="100%" nowrap="nowrap">Results of Operations for the Fiscal Year Ended September 30,</td> </tr> <tr style="mso-prop-change: author 20130214t0206; mso-yfti-irow: 1; mso-yfti-lastrow: yes;"> <td style="border-width: medium medium 1pt; border-style: none none solid; border-color: currentcolor currentcolor black; padding: 0in;" valign="bottom" nowrap="nowrap">2011</td> </tr> </table> <table style="width: 100%; border-collapse: collapse; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 0in 0in 0in;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom" colspan="2">Contract  Research</td> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom" colspan="2">Optics</td> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom" colspan="2">Instruments</td> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom" colspan="2">Biomedical</td> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom" colspan="2">Total</td> <td style="padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 1;"> <td style="background: #ccffcc; padding: 0in; width: 35%;" valign="bottom" width="35%">Revenue</td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 10%;" valign="bottom" width="10%">24,874,088</td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 10%;" valign="bottom" width="10%">15,839,205</td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 10%;" valign="bottom" width="10%">6,238,373</td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 10%;" valign="bottom" width="10%">-</td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> <td style="background: #ccffcc; padding: 0in; width: 10%;" valign="bottom" width="10%">46,951,666</td> <td style="background: #ccffcc; padding: 0in; width: 1%;" valign="bottom" width="1%"> </td> </tr> <tr style="mso-yfti-irow: 2;"> <td style="background: white; padding: 0in;" valign="bottom">Gross Profit</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">10,339,990</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">6,391,291</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">3,018,950</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">-</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">19,750,231</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 3;"> <td style="background: #ccffcc; padding: 0in;" valign="bottom">SG&A Costs</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">9,149,838</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">5,178,590</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">2,639,944</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">495,201</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">17,463,573</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 4;"> <td style="background: white; padding: 0in;" valign="bottom">Operating Income (Loss)</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">1,190,152</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">1,212,700</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">379,007</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">(495,201)</td> <td style="background: white; padding: 0in;" valign="bottom"></td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">2,286,658</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 5;"> <td style="background: #ccffcc; padding: 0in;" valign="bottom">GM %</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">41.6%</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"></td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">40.4%</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"></td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">48.4%</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"></td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">0.0</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"></td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">42.1%</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"></td> </tr> <tr style="mso-yfti-irow: 6;"> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 7;"> <td style="background: #ccffcc; padding: 0in;" valign="bottom">Depreciation and Amortization</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">147,687</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">581,464</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">503,922</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">-</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">1,233,073</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 8;"> <td style="background: white; padding: 0in;" valign="bottom">Capital expenditures</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">284,098</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">915,978</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">343,186</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">-</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">1,543,262</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 9;"> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 10;"> <td style="background: white; padding: 0in;" valign="bottom">Intangibles, Net</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">456,367</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">1,096,773</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">5,613,366</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">300,000</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">7,466,506</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 11;"> <td style="background: #ccffcc; padding: 0in;" valign="bottom">Goodwill</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">4,938,625</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">1,283,775</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">6,299,571</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">-</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> <td style="background: #ccffcc; padding: 0in;" valign="bottom">12,521,971</td> <td style="background: #ccffcc; padding: 0in;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow: 12; mso-yfti-lastrow: yes;"> <td style="background: white; padding: 0in;" valign="bottom">Total Assets</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">10,447,842</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">14,683,407</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">15,363,526</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">371,808</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom"> </td> <td style="background: white; padding: 0in;" valign="bottom">40,866,583</td> <td style="background: white; padding: 0in;" valign="bottom"> </td> </tr> </table>  </div>

Revenues by geographic location in total and as a percentage of total revenue, for the years ended September 30, 2012 and 2011 are as follows: <table style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="6">2012</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="6">2011</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold;">Geographic Location</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Revenue</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">% of Total</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Revenue</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="padding-bottom: 1pt; font-weight: bold;"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">% of Total</td><td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; width: 40%;">United States</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 12%;">39,520,178</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 12%;">82.6</td><td style="text-align: left; width: 1%;">%</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 12%;">38,739,330</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 12%;">82.5</td><td style="text-align: left; width: 1%;">%</td></tr><tr style="background-color: white; vertical-align: bottom;"><td>Europe</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">4,274,119</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">8.9</td><td style="text-align: left;">%</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5,003,441</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">10.7</td><td style="text-align: left;">%</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="padding-bottom: 1pt;">Other</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">4,092,853</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">8.5</td><td style="text-align: left; padding-bottom: 1pt;">%</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">3,208,895</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">6.8</td><td style="text-align: left; padding-bottom: 1pt;">%</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">47,887,150</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">100.0</td><td style="text-align: left; padding-bottom: 2.5pt;">%</td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;">$</td><td style="border-bottom: black 2.5pt double; text-align: right;">46,951,666</td><td style="text-align: left; padding-bottom: 2.5pt;"> </td><td style="padding-bottom: 2.5pt;"> </td><td style="border-bottom: black 2.5pt double; text-align: left;"> </td><td style="border-bottom: black 2.5pt double; text-align: right;">100.0</td><td style="text-align: left; padding-bottom: 2.5pt;">%</td></tr></table>

The following is a summary of certain items in the consolidated statements of operations by quarter for fiscal year ended September 30, 2012. Certain amounts have been retrospectively adjusted to properly state the interim periods within the fiscal year ended September 30, 2012.   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Fourth</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Third</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Second</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">First</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Quarter</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Quarter</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Quarter</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Quarter</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 35%;">Net revenue</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">11,373,808</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">12,082,037</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">12,299,010</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">12,132,295</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Cost of revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,064,015</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,097,378</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,214,667</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,005,347</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Selling, general and administrative expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,178,246</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,124,010</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,684,059</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,940,620</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Impairment of goodwill</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,284,499</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Income (loss) from operations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(3,152,952</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(139,351</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(599,716</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">186,328</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Interest expense, net</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">252,219</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">140,246</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">122,474</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">124,157</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Income (loss) before income tax (benefit) provision</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(3,405,171</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(279,597</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(722,190</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">62,171</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Income tax (benefit) provision</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">352,023</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">52,303</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(137,180</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(308,167</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Net income (loss)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(3,757,194</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(331,900</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(585,010</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">370,338</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Basic net income (loss) per common share</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(0.25</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(0.02</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(0.04</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.02</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Diluted net income (loss)per common share</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(0.25</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(0.02</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(0.04</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.02</td> <td style="text-align: left;"> </td> </tr> </table>

0.05

315549 393040

5 Years

10 Years

8 Years

5 Years

10 Years

25 Years

5 Years

P4Y

P15Y

P4Y

P15Y

P0Y

P15Y

P4Y

P0Y

P15Y

P5Y

P15Y

P5Y

P15Y

P0Y

P4Y

P15Y

P4Y

P10Y

P0Y

P15Y

P5Y

P15Y

P5Y

150656 165457

48898

90697

39912

41799

246426

118250

96840

48833

1762872

1608073

0.24

0.10

0.7810

0.24

0.00

0.18

0.28

0.10

0.696

0.28

0.921

0.185

250000

3308182

3022713

-2284499

90162

127834

922317

194778

71125

94852

23985088

14945521

25235228

15410859

651348

51228

60000

542615

34133

14600

651348

51228

60000

542615

34133

14600

651348

42236

60000

542615

34133

14600

651345

11316

59997

542615

34133

14600

591348

9449

542615

34133

14600

300000

2149401

2096681

757709

885328

343429

289691

3250539

3271700

10237453

2843843

53419

182812

6892690

264689

11231234

3381094

437755

185445

53419

7173520

-5377125

-6247084

9370357

546240

300000

512000

182000

7830117

9411210

300000

7858775

512000

182000

558435

1903851

48622

110933

126700

1617596

2707905

60003

2257533

145147

182000

63222

3166347

2888167

196188

81992

6363084

239997

5601242

366853

154992

596820

802511

16688

0.19 0.17 0.13 0.1728 0.03 0.03 0.385 0.24

10845170

11837

3333333

7500000

11984492

2761905

6214286

8301

3000000

-1859728

-11984492

8985442

1865444

1857143

5261905

1565208

1434792

11984492

928773

1857546

3000000

2015-07-07

2017-07-31

2015-07-07

130434

1857546

For the Consolidated Maximum Leverage Ratio (Consolidated Total Funded Debt to Consolidated EBITDA, as defined in the Amendment), the Amendment (i) revised the required ratio for September 30, 2012 from 3.25x to 4.5x; (ii) revised the required ratio for The Amendment also includes a new Consolidated Maximum Adjusted Leverage Ratio covenant, which is Consolidated Total Funded Debt (excluding subordinated debt) to Consolidated EBITDA, as defined in the Amendment. The Amendment requires the December 31, 2012 from 3.00x to 4.5x; and (iii) revised the required ratio for March 31, 2013 and for each rolling four quarters thereafter from 3.00x to 4.0x. For the Consolidated Fixed Charge Coverage Ratio, the Amendment (i) revised the required ratio for September 30, 2012 from 1.10x to 1.00x; (ii) revised the required ratio for December 31, 2012 from 1.20x to 1.00x; (iii) revised the required ratio for March 31, 2013 from 1.20x to 1.05x; (iv) revised the required ratio at 6/30/13 from 1.20x to 1.10x; and (v) did not change the required ratio at September 30, 2013 (remained at 1.20x).

75000

Interest rate of Prime or one month LIBOR plus 2.75

A monthly fee calculated at the rate of 0.25% per annum of the unused Acquisition Line of Credit

3000000

9000000

5000000

5 Years 7 Years

0.10

0.0558

Monthly

A monthly fee calculated at the rate of 0.25% per annum of the unused Working Capital Line of Credit

3000000

1000000

4000000

47619.00

Dynasil's obligations under the Bank Loan Agreement are guaranteed by EMF, Optometrics, Dynasil Products, RMD Research and Dynasil and each of such subsidiaries have granted the bank a security interest in substantially all its personal property.  In addition, EMF has granted a mortgage in the Bank's favor as to EMF's leasehold property in Ithaca, New York and 65% of the outstanding shares of Hilger are pledged as collateral to the Bank. The Bank Loan Agreement also requires maintenance of certain financial and nonfinancial covenants.

The Amendment requires the Company to maintain a Consolidated Maximum Adjusted Leverage Ratio equal to or less than (i) 3.25x to 1.00x for each of the rolling four quarter periods ending on September 30, 2012 and December 31, 2012, and (ii) 3.00x to 1.00x for each rolling four quarter period ending on or after March 31, 2013.

107142850

2184381

-4014238

-539538

-330549

1644843

-4344787

215128

-374432

172883

112024

-223284

65318

164727

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176535

200313

-35400

59351

-12664

-103598

0.3400

0.0779

0.0522

0.0000

-0.3598

-0.0177 -0.0086

-0.2483

0.0050

0.0262

-0.0193

0.1781

0.0095

969000

1362543

41868

212390

170522

45752

170362

193300

497335

73681

280764

205154

1488816

1443064

45752

41868

2521465

2479597

1700949

1488816

1443064

45752

41868

820516

778648

733552 623100 110452 65948 844596 778648

-844267

-560300

-283967

-220989

-1577819

-1183400

-394419

-286937

-1065585

-778648

89003

259664

348667

-245069

863000

2764000

182000

1000000

212000

197000

1203000

P3Y

P5Y

0.0395

0.0264

0.8521

0.9362

0.0000

1855501

1283997

794483

10274

295000

200000

29528

259681

942622

794483

10274

295000

200000

29528

259681

43960

532750

20000

138373

-0

-395101

2.88

3.10

3.34

6.65

4.00

2.00

5.53

3.24

2.73

3.34

6.65

4.00

2.00

5.53

3.24

3.03

1.58

3.14

P2Y

P2Y2M19D

P1Y9M

P2Y2M1D

P1Y10M28D

P1Y10M2D

P2Y0M11D

P1Y5M9D

P1Y11M23D

P1Y9M

5.99

3.00

4.00

6.00

4.99

5.00

2.99

6.65

2.00

3.99

6.65

7500

403000

127834

423000

104000

-27500

-127166

-252000

3.75

4.02

1.92

4.02

1.10

4.00

3.72

4.03

5256000

1.00

0.10

On December 21, 2010, Dynasil converted all these shares into its common stock, $0.0005 par value per share at a conversion price of $2.50 per share in a mandatory conversion 

On December 21, 2010, Dynasil converted all these shares into its common stock, $0.0005 par value per share at a conversion price of $2.50 per share in a mandatory conversion.

2102400

208796

256236

2000000

142454

6000000

3898719

4289436

450000

2.50

0.40

5256000

301000

Company adopted an Amended and Restated Employee Stock Purchase Plan. The existing plan was amended to extend the termination date to September 28, 2020. The Employee Stock Purchase Plan permits substantially all employees to purchase common stock at a purchase price of 85% of the fair market value of the shares.

P6M

1.62

1.34

1003886

92710

131468

192085

93882

135684

480000 20000 5000

397760000

640800000

20659000

-8621000

231002000

308089

295357

-38532000

34421000

-345443000

-113344000

-345443000

243262000

102181000

345443000

397760000

640800000

308089000

295357000

-15189000

17788000

23258000

0.0375

0.026

0.00

12000

14000

16000

21000

140000

224000

75042

71012

58147

114000

829557

114000

852901

0.50

651437

75000 52000 2.00

325000

1306593

1281164

58935

14938

0.04 0.04 50000 18863 73134

895584

31750

The Company has non-cancelable operating lease agreements, primarily for property, that expire through 2014

One of the Company''s facilities is leased from a company controlled by the former owner of RMD, who is also a former director of the Company and the former President of the RMD subsidiary. This lease expires in June 2013.

One of the Company''s facilities is leased from a company controlled by the former owners of Optometrics, one of whom is also currently the Optometrics'' Chief Operating Officer. This lease expires in March 2013.

1595367

1712212

246105

186323

615516

596129

541219

418179

83245

0.421

0.00

0.484

0.416

0.404

0.407

0.793

0.408

0.365

0.568

1.00 0.825 0.107 0.068 1.00 0.826 0.089 0.085

0.232

Indifinite Explanatory Note We are filing this Form 10-K/A Amendment No. 1 (the “Amendment”) to our Annual Report on Form 10-K for the fiscal year ended September 30, 2012 (the “Original Filing”) to correct the following clerical errors: 1. Net cash provided by operating activities contained in Part I, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations and in the Consolidated Statements of Cash Flows in Part I, Item 8, Financial Statements and Supplementary Data. The previously reported amount of net cash provided by operating activities for the fiscal year ended September 30, 2012 was $741,915 and the correct amount of such net cash provided by operating activities was $693,054. 2. Certain balance sheet captions for 2011 contained in the Consolidated Balance Sheets in Part 1 Item 8, Financial Statements and Supplementary Data. The previously reported subtotals for Total other assets, Total Assets, Total long-term liabilities, and Total Liabilities and Stockholders’ Equity of $20,086,302, $40,813,752, $10,254,758 and $40,813,752, respectively were incorrect; the corrected amounts are $20,139,133, $40,866,583, $10,307,589 and $40,866,583, respectively. 3. Future amortization expense in Note 6—Intangible Assets contained in the Item 8, Financial Statements and Supplementary Data. The table showing estimated amortization expense for the next five fiscal years for Trade Names included an incorrect amount of $422,213 in the “Thereafter” column. The corrected amount is $81,992. This Form 10-K/A should be read in conjunction with the original Form 10-K. Except as specifically noted above, this Amendment does not amend, modify or update any financial statements or other disclosures contained in the Original Filing. Accordingly, this Amendment does not reflect events occurring after the Original Filing on January 15, 2013.

194778

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Allowance For Doubtful Accounts Receivable, Current Allowance for doubtful accounts (in dollars) Allowance for Doubtful Accounts Receivable, Current, Beginning Balance Allowance for Doubtful Accounts Receivable, Current, Ending Balance Allowance For Sales Returns, Current Allowance for sales returns (in dollars) A valuation allowance for sales returned by customers. 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Segment, Customer and Geographical Reporting (Tables)

12 Months Ended

Sep. 30, 2012

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Results of Operations for the Fiscal Year Ended September 30,

2012

	Contract Research		Optics		Instruments		Biomedical		Total
Revenue		24,270,675		17,456,436		6,054,752		105,287		47,887,150
Gross Profit		8,859,780		7,125,962		3,436,542		83,459		19,505,743
SG&A		9,523,642		5,548,421		4,915,723		939,149		20,926,935
Impairment of goodwill		-		-		2,284,499		-		2,284,499
Operating Income (Loss)		(663,862)		1,577,541		(3,763,680)		(855,690)		(3,705,691)
GM %		36.5%		40.8%		56.8%		79.3%		40.7%

Depreciation and Amortization		237,623		796,847		575,246		60,003		1,669,719
Capital expenditures		348,314		462,445		207,454		-		1,018,213

Intangibles, Net		366,853		960,821		5,135,634		239,997		6,703,305
Goodwill		4,938,625		1,300,463		4,015,072		-		10,254,160
Total Assets		12,870,151		11,588,145		12,537,403		469,729		37,465,428

Results of Operations for the Fiscal Year Ended September 30,

2011

	Contract Research		Optics		Instruments		Biomedical		Total
Revenue		24,874,088		15,839,205		6,238,373		-		46,951,666
Gross Profit		10,339,990		6,391,291		3,018,950		-		19,750,231
SG&A Costs		9,149,838		5,178,590		2,639,944		495,201		17,463,573
Operating Income (Loss)		1,190,152		1,212,700		379,007		(495,201)		2,286,658
GM %		41.6%		40.4%		48.4%		0.0		42.1%

Depreciation and Amortization		147,687		581,464		503,922		-		1,233,073
Capital expenditures		284,098		915,978		343,186		-		1,543,262

Intangibles, Net		456,367		1,096,773		5,613,366		300,000		7,466,506
Goodwill		4,938,625		1,283,775		6,299,571		-		12,521,971
Total Assets		10,447,842		14,683,407		15,363,526		371,808		40,866,583

Schedule Of Segment Revenue By Geographical Location [Table Text Block]

Revenues by geographic location in total and as a percentage of total revenue, for the years ended September 30, 2012 and 2011 are as follows:

	2012					2011
Geographic Location	Revenue		% of Total			Revenue		% of Total
United States	$	39,520,178		82.6	%	$	38,739,330		82.5	%
Europe		4,274,119		8.9	%		5,003,441		10.7	%
Other		4,092,853		8.5	%		3,208,895		6.8	%
	$	47,887,150		100.0	%	$	46,951,666		100.0	%

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details

XML 11 R54.htm IDEA: XBRL DOCUMENT

Debt (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Other Notes Payable	$ 11,984,492	$ 10,845,170
Less current option	(11,984,492)	(1,859,728)
Long term portion	0	8,985,442
Masschusetts Capital Resource Corporation [Member]
Other Notes Payable	3,000,000	0
Bankone [Member]
Other Notes Payable	6,214,286	7,500,000
Bank Two [Member]
Other Notes Payable	2,761,905	3,333,333
Ithaca Urban Renewal Agency [Member]
Other Notes Payable	$ 8,301	$ 11,837

XML 12 R48.htm IDEA: XBRL DOCUMENT

Intangible Assets (Details) (USD $)	12 Months Ended
Intangible Assets (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2010
Gross amount	$ 9,411,210	$ 9,370,357
Accumulated Amortization	2,707,905	1,903,851
Useful Life Year	15 years	15 years	4 years
Net	6,703,305	7,466,506
Minimum [Member]
Useful Life Year	4 years
Maximum [Member]
Useful Life Year	15 years
Acquired Customer Base [Member]
Gross amount	7,858,775	7,830,117
Accumulated Amortization	2,257,533	1,617,596
Net	5,601,242	6,212,521
Acquired Customer Base [Member] \| Minimum [Member]
Useful Life Year	5 years	5 years
Acquired Customer Base [Member] \| Maximum [Member]
Useful Life Year	15 years	15 years
Know How [Member]
Gross amount	512,000	512,000
Accumulated Amortization	145,147	110,933
Useful Life Year	15 years	15 years
Net	366,853	401,067
Trade Names [Member]
Gross amount	558,435	546,240
Accumulated Amortization	63,222	48,622
Useful Life Year	15 years	15 years
Net	495,213	497,618
Trade Names [Member] \| Minimum [Member]
Useful Life Year	15 years	15 years
Trade Names [Member] \| Maximum [Member]
Useful Life Year	0 years	0 years
Order Or Production Backlog [Member]
Gross amount	182,000	182,000
Accumulated Amortization	182,000	126,700
Useful Life Year	4 years	4 years
Net	0	55,300
Order Or Production Backlog [Member] \| Minimum [Member]
Useful Life Year			4 years
Order Or Production Backlog [Member] \| Maximum [Member]
Useful Life Year			15 years
Biomedical Technologies [Member]
Gross amount	300,000	300,000
Accumulated Amortization	60,003	0
Useful Life Year	5 years	5 years
Net	$ 239,997	$ 300,000

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Retirement Plans (Details 4) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Sep. 30, 2012
Interest costs	$ 20,659
Expected return on assets	(15,189)
Amortization of net loss	17,788
Net periodic pension cost	$ 23,258

- Definition

An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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-SubTopic 30

-Glossary Expected Return on Plan Assets

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-URI http://asc.fasb.org/extlink&oid=6512171

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-Name Statement of Financial Accounting Standard (FAS)

-Number 87

-Paragraph 264

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-Number 106

-Paragraph 518

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-Number 132R

-Paragraph 5

-Subparagraph h

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time.

+ References+ Details

XML 14 R55.htm IDEA: XBRL DOCUMENT

Debt (Details1) (USD $)	Sep. 30, 2012
2013	$ 1,865,444
2014	1,857,143
2015	5,261,905
2016	1,565,208
2017	1,434,792
Total LongTermDebt	$ 11,984,492

- Definition

Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

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Vendor Concentration (Details Textual) (USD $)	12 Months Ended
Vendor Concentration (Details Textual) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Cost of Goods Sold, Direct Materials	$ 1,712,212	$ 1,595,367
Accounts Payable, Trade, Current	$ 186,323	$ 246,105

- Definition

Carrying value as of the balance sheet date of obligations incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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Property, Plant and Equipment (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Property, Plant and Equipment, Gross	$ 11,231,234	$ 10,237,453
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(6,247,084)	(5,377,125)
Property, Plant and Equipment, net	4,984,150	4,860,328
Land [Member]
Property, Plant and Equipment, Gross	185,445	182,812
Building Improvements [Member]
Property, Plant and Equipment, Gross	3,381,094	2,843,843
Machinery and Equipment [Member]
Property, Plant and Equipment, Gross	7,173,520	6,892,690
Office Equipment [Member]
Property, Plant and Equipment, Gross	437,755	264,689
Transportation Equipment [Member]
Property, Plant and Equipment, Gross	$ 53,419	$ 53,419

- Definition

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

+ References+ Details

- Definition

Gross amount of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.

+ References+ Details

- Definition

Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.

+ References+ Details

XML 17 R33.htm IDEA: XBRL DOCUMENT

Debt (Tables)

12 Months Ended

Sep. 30, 2012

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

Debt at September 30, 2012 and 2011 is summarized as follows:

	2012			2011
Note payable to bank in monthly installments of $107,143 through July, 2015 followed by a balloon payment of the remaining principal amount. The interest rate is fixed at 5.58% for the life of the loan, and the note is secured by substantially all assets.		6,214,286			7,500,000

Note payable to bank in monthly installments of $47,619 through July, 2015 followed by a balloon payment of the remaining principal amount. The interest rate is floating based on one month LIBOR plus 3.5%. The rate at September 30, 2012 was 3.79%. The rate at September 30, 2011 was 3.76%, and the note is secured by substantially all assets.		2,761,905			3,333,333

Subordinated note payable to Masschusetts Capital Resource Corporation in monthly installments of $25,000 through July, 2015 for interest only, followed by monthly payments of interest and principle through July 2018. The interest rate is fixed at 10.00% for the life of the loan.	$	3,000,000		$	0

Note payable to Ithaca Urban Renewal Agency for Lease of land in Ithaca, New York for 99 years with the options to purchase said land for $26,640 after May 2008.		8,301			11,837
Total Debt	$	11,984,492		$	10,845,170
Less current portion		(11,984,492	)		(1,859,728	)
Long term portion	$	0		$	8,985,442

Schedule of Maturities of Long-term Debt [Table Text Block]

For the years ending on September 30:
	2013	$	1,865,444
	2014		1,857,143
	2015		5,261,905
	2016		1,565,208
	2017		1,434,792
		$	11,984,492

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Section S99

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-Section 02

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Supplemental Disclosure of Cash Flow Information (Details) (USD $)	12 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Cash Paid during the year for:
Interest	$ 596,129	$ 615,516
Income taxes	$ 418,179	$ 541,219

- Definition

The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes.

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Retirement Plans (Details 7) (USD $)	Sep. 30, 2012
2013	$ 12,000
2014	14,000
2015	16,000
2016	21,000
2017	21,000
2018-2022	140,000
Total	$ 224,000

XML 21 R57.htm IDEA: XBRL DOCUMENT

Income Taxes (Details) (USD $)	12 Months Ended
Income Taxes (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011
US	$ (4,014,238)	$ 2,184,381
Foreign	(330,549)	(539,538)
Total	$ (4,344,787)	$ 1,644,843

XML 22 R76.htm IDEA: XBRL DOCUMENT

Leases (Details) (USD $)	Sep. 30, 2012
2013	$ 895,584
2014	$ 31,750

XML 23 R81.htm IDEA: XBRL DOCUMENT

Segment, Customer and Geographical Reporting (Details) (USD $)	3 Months Ended				12 Months Ended
	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2012	Sep. 30, 2011
Revenue	$ 11,373,808	$ 12,082,037	$ 12,299,010	$ 12,132,295	$ 47,887,150	$ 46,951,666
Gross profit					19,505,743	19,750,231
SG&A	5,178,246	5,124,010	5,684,059	4,940,620	20,926,935	17,463,573
Impairment of goodwill	2,284,499	0	0	0	2,284,499	0
Operating Income (Loss)	(3,152,952)	(139,351)	(599,716)	186,328	(3,705,691)	2,286,658
GM %	40.70%				40.70%	42.10%
Depreciation and Amortization					1,669,719	1,233,073
Capital expenditures					1,018,213	1,543,262
Intangibles, net	6,703,305				6,703,305	7,466,506
Goodwill	10,254,160				10,254,160	12,521,971
Total Assets	37,465,428				37,465,428	40,866,583
Contract Research [Member]
Revenue					24,270,675	24,874,088
Gross profit					8,859,780	10,339,990
SG&A					9,523,642	9,149,838
Impairment of goodwill					0	1,190,152
Operating Income (Loss)					663,862	1,190,152
GM %	36.50%				36.50%	41.60%
Depreciation and Amortization					237,623	147,687
Capital expenditures					348,314	284,098
Intangibles, net	366,853				366,853	456,367
Goodwill	4,938,625				4,938,625	4,938,625
Total Assets	12,870,151				12,870,151	10,447,842
Instruments [Member]
Revenue					6,054,752	6,238,373
Gross profit					3,436,542	3,018,950
SG&A					4,915,723	2,639,944
Impairment of goodwill					2,284,499	2,284,499
Operating Income (Loss)					(3,763,680)	379,007
GM %	56.80%				56.80%	48.40%
Depreciation and Amortization					575,246	503,922
Capital expenditures					207,454	343,186
Intangibles, net	5,135,634				5,135,634	5,613,366
Goodwill	4,015,072				4,015,072	6,299,571
Total Assets	12,537,403				12,537,403	15,363,526
Biomedical [Member]
Revenue					105,287	0
Gross profit					83,459	0
SG&A					939,149	495,201
Impairment of goodwill					0	0
Operating Income (Loss)					855,690	495,201
GM %	79.30%				79.30%	0.00%
Depreciation and Amortization					60,003	0
Capital expenditures					0	0
Intangibles, net	239,997				239,997	300,000
Goodwill	0				0	0
Total Assets	469,729				469,729	371,808
Optics [Member]
Revenue					17,456,436	15,839,205
Gross profit					7,125,962	6,391,291
SG&A					5,548,421	5,178,590
Impairment of goodwill					0	0
Operating Income (Loss)					1,577,541	1,212,700
GM %	40.80%				40.80%	40.40%
Depreciation and Amortization					796,847	581,464
Capital expenditures					462,445	915,978
Intangibles, net	960,821				960,821	1,096,773
Goodwill	1,300,463				1,300,463	1,283,775
Total Assets	$ 11,588,145				$ 11,588,145	$ 14,683,407

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Leases (Details Textual) (USD $)	12 Months Ended
Leases (Details Textual) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Operating Leases, Rent Expense	$ 1,281,164	$ 1,306,593
Description of Lessor Leasing Arrangements, Operating Leases	The Company has non-cancelable operating lease agreements, primarily for property, that expire through 2014
Radiation Monitoring Devices [Member]
Operating Leases, Rent Expense	$ 58,935
Description of Lessor Leasing Arrangements, Operating Leases	One of the Company''s facilities is leased from a company controlled by the former owner of RMD, who is also a former director of the Company and the former President of the RMD subsidiary. This lease expires in June 2013.
Optometrics Holdings [Member]
Description of Lessor Leasing Arrangements, Operating Leases	One of the Company''s facilities is leased from a company controlled by the former owners of Optometrics, one of whom is also currently the Optometrics'' Chief Operating Officer. This lease expires in March 2013.

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Retirement Plans (Details 5)	Sep. 30, 2012
Discount rate	3.75%
Expected return on plan assets	2.60%
Rate of compensation increase	0.00%

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Subsequent Events

12 Months Ended

Sep. 30, 2012

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Note 19 – Subsequent Events

The Company has evaluated subsequent events through the date the financial statements were released.

XML 27 R50.htm IDEA: XBRL DOCUMENT

Intangible Assets (Details Textual) (USD $)	12 Months Ended
Intangible Assets (Details Textual) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Amortization of Intangible Assets	$ 802,511	$ 596,820

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.

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Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Sep. 30, 2012	Sep. 30, 2011
Weighted average shares outstanding
Basic (in shares)	14,811,294	14,932,226
Effect of dilutive securities Stock Options	0	194,778
Diluted (in shares)	14,811,294	15,127,004

- Definition

Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of call options and warrants using the treasury stock method.

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- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References+ Details

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

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-Glossary Weighted-Average Number of Common Shares Outstanding

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Related Party Transactions (Details Textual) (USD $)	1 Months Ended	12 Months Ended
Related Party Transactions (Details Textual) (USD $)	Feb. 29, 2012	Sep. 30, 2012	Sep. 30, 2011
Beneficial ownership percentage		50.00%
Relatedpartycontributionleaseimprovementscash		$ 52,000	$ 75,000
Stock Repurchased During Period, Shares	928,773	928,773
Stock repurchase price	$ 2.00
Operating Leases, Rent Expense		1,281,164	1,306,593
Consulting Fee		73,134	18,863
Radiation Monitoring Devices [Member]
Operating Leases, Rent Expense		58,935
Percentage Of Annual Lease Increase		4.00%
Dynasil Products [Member]
Operating Leases, Rent Expense		14,938
Percentage Of Annual Lease Increase		4.00%
Dr Gerald Entine [Member]
Compensation		325,000
Optometrics Holdings [Member]
Payments for Rent		114,000	114,000
Charles River Realty [Member]
Payments for Rent		852,901	829,557
Bachrach Inc [Member]
Cost of Property Repairs and Maintenance		0	651,437
Mayo Clinic [Member]
Amount Received Under Grants		$ 50,000

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Leases (Tables)

12 Months Ended

Sep. 30, 2012

Leases [Abstract]

Operating Leases of Lessee Disclosure [Table Text Block]

Years ending September 30,

2013		$	895,584
2014		$	31,750

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Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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Goodwill (Details Textual) (USD $)	Apr. 14, 2011	Sep. 30, 2012 Hilger Crystals [Member]	Sep. 30, 2012 Radiation Monitoring Devices [Member]
Business Acquisition, Purchase Price Allocation, Goodwill Amount	$ 300,000
Percentage Increase In Carrying Value Of Unit		17.00%	19.00%
Weighted Average Cost Of Capital		17.28%	13.00%
Long Term Growth Rate		3.00%	3.00%
Tax Rate		24.00%	38.50%

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Retirement Plans (Details 1) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2012	Sep. 30, 2011
Long-term liabilities	$ (345,443)	$ (113,344)

- Definition

This represents the noncurrent liability for underfunded plans recognized in the balance sheet that is associated with the defined benefit pension plans and other postretirement defined benefit plans.

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Income Taxes (Details Textual) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	$ 2,764,000	$ 863,000
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	182,000	182,000
State and Local Jurisdiction [Member]
Deferred Tax Assets, Tax Credit Carryforwards, Research	197,000	212,000
Federal [Member]
Deferred Tax Assets, Tax Credit Carryforwards, Research	$ 1,203,000	$ 1,000,000

- Definition

Amount before allocation of valuation allowances of deferred tax asset attributable to deductible foreign operating loss carryforwards.

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- Definition

Amount before allocation of valuation allowances of deferred tax asset attributable to deductible state and local operating loss carryforwards.

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Property, Plant and Equipment (Details Texual) (USD $)	12 Months Ended
Property, Plant and Equipment (Details Texual) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Depreciation	$ 865,789	$ 636,253

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Business Acquisitions - Dynasil Biomedical

12 Months Ended

Sep. 30, 2012

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

Note 3 – Business Acquisitions – Dynasil Biomedical

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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Stockholders' Equity (Details)	12 Months Ended
Stockholders' Equity (Details)	Sep. 30, 2012	Sep. 30, 2011
Expected term in years	5 years	3 years
Risk-free interest rate	2.64%	3.95%
Expected volatility	93.62%	85.21%
Expected dividend yield	0.00%	0.00%

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The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.

+ References+ Details

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Summary of Significant Accounting Policies (Detail Textual) (USD $)
12 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2010

Patent costs $ 393,040 $ 315,549

Useful Life Year 15 years 15 years 4 years

Deferred financing costs 165,457 150,656

Accumulated Amortization, Deferred Finance Costs 90,697 48,898

Amortization of Deferred Charges 41,799 39,912

Advertising Expense 118,250 246,426

Deferred rent 48,833 96,840

Accounts Receivable, Net 1,608,073 1,762,872

Concentration Risk, Percentage 28.00% 24.00%

Cash, FDIC Insured Amount 250,000

Cash, Uninsured Amount 3,022,713 3,308,182

Goodwill impairment on Dynasil Products (2,284,499)

Accounts Payable and Accrued Liabilities 90,162 0

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 127,834

Weighted Average Number Of Diluted Shares Outstanding Assumed 194,778

Shipping and Handling Revenue 94,852 71,125

Research and Development Expense 25,235,228 23,985,088

2013 651,348

2014 651,348

2015 651,348

2016 651,345

2017 591,348

Restricted Stock and Stock Option [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 922,317

Radiation Monitoring Devices [Member]

Research and Development Expense 15,410,859 14,945,521

2013 51,228

2014 51,228

2015 42,236

2016 11,316

2017 9,449

Trade Names [Member]

Useful Life Year 15 years 15 years

Customer Relationships [Member]

Useful Life Year 10 years

Geographic Concentration Risk [Member]

Accounts Receivable, Net $ 1,608,073 $ 1,762,872

Concentration Risk, Percentage 28.00% 24.00%

Transportation Equipment [Member]

Property, Plant and Equipment, Estimated Useful Lives 5 Years

Minimum [Member]

Useful Life Year 4 years

Minimum [Member] | Trade Names [Member]

Useful Life Year 15 years 15 years

Minimum [Member] | Building and Building Improvements [Member]

Property, Plant and Equipment, Estimated Useful Lives 8 Years

Minimum [Member] | Machinery and Equipment [Member]

Property, Plant and Equipment, Estimated Useful Lives 5 Years

Minimum [Member] | Furniture and Fixtures [Member]

Property, Plant and Equipment, Estimated Useful Lives 5 Years

Maximum [Member]

Useful Life Year 15 years

Maximum [Member] | Trade Names [Member]

Useful Life Year 0 years ^[1] 0 years ^[1]

Maximum [Member] | Building and Building Improvements [Member]

Property, Plant and Equipment, Estimated Useful Lives 25 Years

Maximum [Member] | Machinery and Equipment [Member]

Property, Plant and Equipment, Estimated Useful Lives 10 Years

Maximum [Member] | Furniture and Fixtures [Member]

Property, Plant and Equipment, Estimated Useful Lives 10 Years

[1] Indifinite

XML 39 R29.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment (Tables)

12 Months Ended

Sep. 30, 2012

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

Property, plant and equipment at September 30, 2012 and 2011 consist of the following:

	2012			2011
Land	$	185,445		$	182,812
Building and improvements		3,381,094			2,843,843
Machinery and equipment		7,173,520			6,892,690
Office furniture and fixtures		437,755			264,689
Transportation equipment		53,419			53,419
		11,231,234			10,237,453
Less accumulated depreciation		(6,247,084	)		(5,377,125	)
	$	4,984,150		$	4,860,328

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References+ Details

XML 40 R28.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

12 Months Ended

Sep. 30, 2012

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories, net of reserves, at September 30, 2012 and 2011 consisted of the following:

	September 30,		September 30,
	2012		2011
Raw Materials	$	2,096,681	$	2,149,401
Work-in-Process		885,328		757,709
Finished Goods		289,691		343,429
	$	3,271,700	$	3,250,539

XML 41 R56.htm IDEA: XBRL DOCUMENT

Debt (Details Textual) (USD $)	1 Months Ended	12 Months Ended					12 Months Ended		12 Months Ended		1 Months Ended	12 Months Ended		1 Months Ended	12 Months Ended
Debt (Details Textual) (USD $)	Feb. 29, 2012	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012 Term Loan [Member]	Sep. 30, 2012 Working Capital Line Of Credit [Member]	Sep. 30, 2011 Working Capital Line Of Credit [Member]	Sep. 30, 2012 Acquisition Line Of Credit [Member]	Sep. 30, 2011 Acquisition Line Of Credit [Member]	Sep. 30, 2012 Acquisition Line Of Credit [Member] Hilger Crystals [Member]	Jul. 31, 2010 Acquisition Line Of Credit [Member] Hilger Crystals [Member]	Jul. 31, 2012 Entine Promissory Notes [Member]	Sep. 30, 2012 Entine Promissory Notes [Member]	Jun. 07, 2012 Entine Promissory Notes [Member]	Jul. 31, 2012 Note Purchase Agreement [Member]	Sep. 30, 2012 Note Purchase Agreement [Member]
Stock Repurchased During Period, Shares	928,773	928,773
Notes Payable													$ 1,857,546
Proceeds from issuance of common stock		63,122	135,302									2,000,000
Proceeds from Convertible Debt														3,000,000
Purchase Price Of Subordinate Debt														3,000,000
Debt Instrument, Maturity Date				Jul. 07, 2015			Jul. 07, 2015		Jul. 07, 2015						Jul. 31, 2017
Debt Instrument Redemption Value															130,434
Repayments of Notes Payable											1,857,546
Description Of Consolidated Maximum Leverage Ratio		For the Consolidated Maximum Leverage Ratio (Consolidated Total Funded Debt to Consolidated EBITDA, as defined in the Amendment), the Amendment (i) revised the required ratio for September 30, 2012 from 3.25x to 4.5x; (ii) revised the required ratio for The Amendment also includes a new Consolidated Maximum Adjusted Leverage Ratio covenant, which is Consolidated Total Funded Debt (excluding subordinated debt) to Consolidated EBITDA, as defined in the Amendment. The Amendment requires the December 31, 2012 from 3.00x to 4.5x; and (iii) revised the required ratio for March 31, 2013 and for each rolling four quarters thereafter from 3.00x to 4.0x.
Description Of Consolidated Fixed Charge Coverage Ratio		For the Consolidated Fixed Charge Coverage Ratio, the Amendment (i) revised the required ratio for September 30, 2012 from 1.10x to 1.00x; (ii) revised the required ratio for December 31, 2012 from 1.20x to 1.00x; (iii) revised the required ratio for March 31, 2013 from 1.20x to 1.05x; (iv) revised the required ratio at 6/30/13 from 1.20x to 1.10x; and (v) did not change the required ratio at September 30, 2013 (remained at 1.20x).
Interest and Debt Expense		75,000
Debt Instrument, Interest Rate Terms					Interest rate of Prime or one month LIBOR plus 2.75		A monthly fee calculated at the rate of 0.25% per annum of the unused Acquisition Line of Credit
Line of Credit Facility, Maximum Borrowing Capacity				9,000,000	3,000,000		5,000,000
Credit Facility Term				5 Years			7 Years
Debt Instrument, Interest Rate, Stated Percentage				5.58%									10.00%		10.00%
Debt Instrument, Frequency of Periodic Payment				Monthly
Debt Instrument, Fee					A monthly fee calculated at the rate of 0.25% per annum of the unused Working Capital Line of Credit
Line of Credit Facility, Remaining Borrowing Capacity					0	3,000,000	0	1,000,000
Business Acquisition, Purchase Price Allocation, Notes Payable and Long-term Debt										4,000,000
Debt Instrument, Periodic Payment, Principal									47,619.00
Obligation Under Bank Loan Agreement		Dynasil's obligations under the Bank Loan Agreement are guaranteed by EMF, Optometrics, Dynasil Products, RMD Research and Dynasil and each of such subsidiaries have granted the bank a security interest in substantially all its personal property. In addition, EMF has granted a mortgage in the Bank's favor as to EMF's leasehold property in Ithaca, New York and 65% of the outstanding shares of Hilger are pledged as collateral to the Bank. The Bank Loan Agreement also requires maintenance of certain financial and nonfinancial covenants.
Debt Instrument, Covenant Description		The Amendment requires the Company to maintain a Consolidated Maximum Adjusted Leverage Ratio equal to or less than (i) 3.25x to 1.00x for each of the rolling four quarter periods ending on September 30, 2012 and December 31, 2012, and (ii) 3.00x to 1.00x for each rolling four quarter period ending on or after March 31, 2013.
Debt Instrument, Face Amount		$ 107,142,850

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Business Acquisitions - Dynasil Biomedical (Details Textual) (USD $)	Apr. 14, 2011
Business Acquisition, Cost Of Acquired Entity, Purchase Price	$ 300,000
Business Acquisition, Purchase Price Allocation, Goodwill Amount	$ 300,000

XML 43 R30.htm IDEA: XBRL DOCUMENT

Intangible Assets (Tables)

12 Months Ended

Sep. 30, 2012

Goodwill and Intangible Assets Disclosure Abstract

Schedule of Finite-Lived Intangible Assets [Table Text Block]

Intangible assets at September 30, 2012 and 2011 consist of the following:

	Useful	Gross		Accumulated
September 30, 2012	Life (years)	Amount		Amortization		Net
Acquired Customer Base	5-15	$	7,858,775	$	2,257,533	$	5,601,242
Know How	15		512,000		145,147		366,853
Trade Names	15 - Indefinite		558,435		63,222		495,213
Backlog	4		182,000		182,000		-0-
Biomedical Technologies	5		300,000		60,003		239,997
		$	9,411,210	$	2,707,905	$	6,703,305

	Useful	Gross		Accumulated
September 30, 2011	Life (years)	Amount		Amortization		Net
Acquired Customer Base	5-15	$	7,830,117	$	1,617,596	$	6,212,521
Know How	15		512,000		110,933		401,067
Trade Names	15 - Indefinite		546,240		48,622		497,618
Backlog	4		182,000		126,700		55,300
Biomedical Technologies	5		300,000		-0-		300,000
		$	9,370,357	$	1,903,851	$	7,466,506

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Amortization expense for the years ended September 30, 2012 and 2011 was $802,511 and $596,820 respectively. Estimated amortization expense for each of the next five fiscal years is as follows:

	2013		2014		2015		2016		2017		Thereafter		Total
Acquired Customer Base	$	542,615	$	542,615	$	542,615	$	542,615	$	542,615	$	2,888,167	$	5,601,242
Know How		34,133		34,133		34,133		34,133		34,133		196,188		366,853
Trade Names		14,600		14,600		14,600		14,600		14,600		81,992		154,992
Biomedical Technologies		60,000		60,000		60,000		59,997		-0-		-0-		239,997
	$	651,348	$	651,348	$	651,348	$	651,345	$	591,348	$	3,166,347	$	6,363,084

XML 44 R31.htm IDEA: XBRL DOCUMENT

Goodwill (Tables)

12 Months Ended

Sep. 30, 2012

Goodwill, Impaired [Abstract]

Schedule of Goodwill [Table Text Block]

The changes to goodwill during the year ended September 30, 2012 are summarized as follows:

	Contract
	Research		Optics		Instruments			Total
Goodwill at September 30, 2011	$	4,938,625	$	1,283,775	$	6,299,571		$	12,521,971
Goodwill impairment on Dynasil Products		-		-		(2,284,499	)		(2,284,499	)
Currency translation on Hilger Crystals		-		16,688		-			16,688
Goodwill at September 30, 2012	$	4,938,625	$	1,300,463	$	4,015,072		$	10,254,160

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References+ Details

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Summary of Significant Accounting Policies

12 Months Ended

Sep. 30, 2012

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Significant Accounting Policies [Text Block]

Note 2 – Summary of Significant Accounting Policies

Use of Estimates

Principles of Consolidation

Revenue Recognition

Government funded services revenues from cost plus contracts are recognized as costs are incurred on the basis of direct costs plus allowable indirect costs and an allocable portion of the contracts’ fixed fees. Revenue from fixed-type contracts is recognized under the percentage of completion method with estimated costs and profits included in contract revenue as work is performed. Revenues from time and materials contracts are recognized as costs are incurred at amounts represented by agreed billing amounts. Recognition of losses on projects is taken as soon as the loss is reasonably determinable. The Company has an accrual for contract losses in the amount of $90,162 and $0 as of September 30, 2012 and 2011, respectively.

Allowance for Doubtful Accounts Receivable

Shipping and Handling Costs

Research and Development

Costs in Excess of Billings and Unbilled Receivables

Costs in excess of billings relates to research and development contracts and consists of actual costs incurred plus fees in excess of billings at provisional contract rates.

Convertible Preferred Stock

The Company considers the guidance of EITF 98-5, "Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios" and EITF 00-27, "Application of Issue No. 98-5 to Certain Convertible Instruments", codified in FASB ASC Topic 470-20 when accounting for the issuance of convertible preferred stock. The Company's convertible preferred stock, when issued, are generally convertible to common stock at or above the then current market price of the Company's common stock and therefore, contain no beneficial conversion feature.

Patent Costs

Inventories

Property, Plant and Equipment

Goodwill

•

a significant adverse change in legal status or in the business climate,

•

an adverse action or assessment by a regulator,

•

a more likely than not expectation that a segment or a significant portion thereof will be sold, or

•

the testing for recoverability of a significant asset group within the segment.

Intangible Assets

Recovery of Long-Lived Assets

•

a significant decrease in the market price of an asset or asset group,

•

a significant adverse change in the extent or manner in which an asset or asset group is being used or in its physical condition,

•

a significant adverse change in legal factors or in the business climate that could affect the value of an asset or asset group, including an adverse action or assessment by a regulator,

•

an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset,

•

a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life, or

•

an impairment of goodwill at a reporting unit.

Fair Value Measurements

Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Observable inputs based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Deferred Financing Costs

Advertising

The Company expenses all advertising costs as incurred. Advertising expense for the years ended September 30, 2012 and 2011 was $118,250 and $246,426.

Deferred Rent

Retirement Plans

Income Taxes

Earnings Per Common Share

For purposes of computing diluted earnings per share for the year ended September 30, 2011, 194,778 common share equivalents were assumed to be outstanding.

The computations of the weighted shares outstanding for the years ended September 30 are as follows:

	2012		2011
Weighted average shares outstanding
Common Stock		14,811,294		14,932,226
Effect of dilutive securities
Stock Options		-0-		194,778
Dilutive Average Shares Outstanding		14,811,294		15,127,004

Stock Based Compensation

Foreign Currency Translation

Comprehensive Income (Loss)

Financial Instruments

Concentration of Credit Risk

New Accounting Pronouncements

Cash and Cash Equivalents

The Company generally considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

Reclassifications

Certain amounts as previously reported have been reclassified to conform to the current year financial statement presentation.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

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Fair Value Measurement (Tables)

12 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value Measurements, Nonrecurring [Table Text Block]

Assets measured at fair value on a nonrecurring basis at September 30, 2012 included the following:

Fair Value Measurements Using Inputs Considered as

		Fair Value at September 30, 2012				Level 1				Level 2				Level 3
Goodwill (Dynasil Products Reporting Unit)		$	4,015,072				-				-			$	4,015,072

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References+ Details

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Segment, Customer and Geographical Reporting (Details Textual)	12 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Concentration Risk, Percentage	28.00%	24.00%
Optics [Member]
Concentration Risk, Percentage	10.00%	10.00%
Instrument Segment [Member] \| Customer One [Member]
Concentration Risk, Percentage	18.50%	18.00%
Biomedical Technologies [Member] \| Customer One [Member]
Concentration Risk, Percentage	92.10%	0.00%
Customer Concentration Risk [Member]
Concentration Risk, Percentage	69.60%	78.10%

XML 48 R40.htm IDEA: XBRL DOCUMENT

Quarterly Financial Information (Tables)

12 Months Ended

Sep. 30, 2012

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]

	Fourth			Third			Second			First
	Quarter			Quarter			Quarter			Quarter

Net revenue		11,373,808			12,082,037			12,299,010			12,132,295
Cost of revenue		7,064,015			7,097,378			7,214,667			7,005,347
Selling, general and administrative expenses		5,178,246			5,124,010			5,684,059			4,940,620
Impairment of goodwill		2,284,499			-			-			-
Income (loss) from operations		(3,152,952	)		(139,351	)		(599,716	)		186,328
Interest expense, net		252,219			140,246			122,474			124,157
Income (loss) before income tax (benefit) provision		(3,405,171	)		(279,597	)		(722,190	)		62,171
Income tax (benefit) provision		352,023			52,303			(137,180	)		(308,167	)
Net income (loss)		(3,757,194	)		(331,900	)		(585,010	)		370,338

Basic net income (loss) per common share	$	(0.25	)	$	(0.02	)	$	(0.04	)	$	0.02
Diluted net income (loss)per common share	$	(0.25	)	$	(0.02	)	$	(0.04	)	$	0.02

XML 49 R53.htm IDEA: XBRL DOCUMENT

Fair Value Measurement (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Goodwill	$ 10,254,160	$ 12,521,971
Instruments [Member]
Goodwill	4,015,072	6,299,571
Fair Value, Inputs, Level 1 [Member] \| Instruments [Member]
Goodwill	0
Fair Value, Inputs, Level 2 [Member] \| Instruments [Member]
Goodwill	0
Fair Value, Inputs, Level 3 [Member] \| Instruments [Member]
Goodwill	$ 4,015,072

- Definition

Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 45

-Subparagraph e

-Clause 1

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 68

-Subparagraph l

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 34

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 43

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 45

-Subparagraph e

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 72

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

XML 50 R72.htm IDEA: XBRL DOCUMENT

Retirement Plans (Details 6) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Total plan assets	$ 295,357	$ 308,089
Fair Value, Inputs, Level 1 [Member]
Total plan assets	0	0
Fair Value, Inputs, Level 1 [Member] \| Money Market Separate Account [Member]
Total plan assets	0	0
Fair Value, Inputs, Level 2 [Member]
Total plan assets	295,357	308,089
Fair Value, Inputs, Level 2 [Member] \| Money Market Separate Account [Member]
Total plan assets	295,357	308,089
Fair Value, Inputs, Level 3 [Member]
Total plan assets	0	0
Fair Value, Inputs, Level 3 [Member] \| Money Market Separate Account [Member]
Total plan assets	$ 0	$ 0

- Definition

Assets, usually stocks, bonds, and other investments, that have been segregated and restricted (usually in a trust) to provide benefits, at their fair value as of the measurement date. Plan assets include amounts contributed by the employer (and by employees for a contributory plan) and amounts earned from investing the contributions, less benefits paid. If a plan has liabilities other than for benefits, those non-benefit obligations may be considered as reductions of plan assets.

+ References+ Details

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CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2012	Sep. 30, 2011
ASSETS
Cash and cash equivalents	$ 3,414,880	$ 4,479,840
Accounts receivable, net of allowance for doubtful accounts of $146,210 and $182,634 and sales returns allowance of $51,860 and $18,356 at September 30, 2012 and September 30, 2011, respectively.	5,475,142	3,388,237
Costs in excess of billings and unbilled receivables	1,735,798	2,857,142
Inventories, net of reserves	3,271,700	3,250,539
Deferred tax asset	126,187	1,119,800
Prepaid expenses and other current assets	1,334,649	771,564
Total current assets	15,358,356	15,867,122
Property, Plant and Equipment, net	4,984,150	4,860,328
Other Assets
Intangibles, net	6,703,305	7,466,506
Goodwill	10,254,160	12,521,971
Deferred financing costs, net	165,457	150,656
Total other assets	17,122,922	20,139,133
Total Assets	37,465,428	40,866,583
LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt	11,984,492	1,859,728
Accounts payable	2,416,397	2,088,395
Deferred revenue	694,672	0
Accrued expenses and other liabilities	2,809,580	2,368,829
Total current liabilities	17,905,141	6,316,952
Long-term Liabilities
Long-term debt, net of current portion	0	8,985,442
Pension liability	345,443	113,344
Deferred tax liability	371,256	1,208,803
Total long-term liabilities	716,699	10,307,589
Temporary Equity
Redeemable common stock, at redemption value of $2 per share; put option on 0 shares and 1,000,000 issued and outstanding at September 30, 2012 and September 30, 2011, respectively.	0	2,000,000
Stockholders' Equity
Preferred stock, $.001 par value, 15,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2012 and September 30, 2011, respectively, 10% cumulative, convertible.	0	0
Common stock, $0.0005 par value, 40,000,000 shares authorized, 15,610,517 and 15,393,053 shares issued, 14,800,357 and and 14,582,893 shares outstanding at September 30, 2012 and September 30, 2011, respectively.	7,805	7,696
Additional paid in capital	17,037,618	15,896,755
Accumulated other comprehensive income	61,906	297,566
Retained earnings	2,722,601	7,026,367
Stockholders' Equity Before Treasury Stock	19,829,930	23,228,384
Less 810,160 and 810,160 shares of treasury stock - at cost at September 30, 2012 and September 30, 2011, respectively	(986,342)	(986,342)
Total stockholders' equity	18,843,588	22,242,042
Total Liabilities and Stockholders' Equity	$ 37,465,428	$ 40,866,583

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Inventories (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Raw Materials	$ 2,096,681	$ 2,149,401
Work-in-Process	885,328	757,709
Finished Goods	289,691	343,429
Inventory Net	$ 3,271,700	$ 3,250,539

- Definition

Carrying amount, net of reserves and adjustments, as of the balance sheet date of merchandise or goods which are partially completed. This inventory is generally comprised of raw materials, labor and factory overhead costs, which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing.

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities:
Net income (loss)	$ (4,303,766)	$ 1,351,645
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock compensation expense	935,396	563,443
Foreign exchange loss	30,602	0
Contingent consideration adjustment	(17,376)	(95,887)
Depreciation and Amortization	1,669,719	1,233,073
Noncash interest expense	41,799	39,912
Provision for doubtful accounts and sales returns	0	26,110
Inventory reserves	76,981	0
Deferred income taxes	166,920	128,471
Impairment of goodwill	2,284,499	0
(Increase) decrease in:
Accounts receivable, net	(2,107,477)	497,337
Costs in excess of billings	1,121,344	(273,083)
Inventories	(134,449)	(153,320)
Prepaid expenses and other current assets	(574,652)	(175,914)
Increase (decrease) in:
Accounts payable	338,205	151,238
Accrued expenses and other liabilities	470,637	599,621
Deferred revenue	694,672	0
Net cash provided by operating activities	693,054	3,892,646
Cash flows from investing activities:
Purchases of property, plant and equipment	(1,018,213)	(1,543,262)
Cash paid for acquisition of Biomedical Technologies	0	(300,000)
Net cash used in investing activities	(1,018,213)	(1,843,262)
Cash flows from financing activities:
Proceeds from issuance of common stock	63,122	135,302
Payment of debt issuance costs	(56,600)	0
Repayment of long-term debt	(1,860,678)	(1,858,943)
Proceeds from long term debt	3,000,000	0
Buy back of common stock	(1,857,546)	0
Preferred stock dividends paid	0	(79,770)
Net cash used in financing activities	(711,702)	(1,803,411)
Effect of exchange rates on cash and cash equivalents	(28,099)	121,901
Net change in cash and cash equivalents	(1,064,960)	367,874
Cash and cash equivalents, beginning	4,479,840	4,111,966
Cash and cash equivalents, ending	$ 3,414,880	$ 4,479,840

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Income Taxes (Details 2)	12 Months Ended
Income Taxes (Details 2)	Sep. 30, 2012	Sep. 30, 2011
Tax due at statutory rate	34.00%	34.00%
State tax provision, net of federal	5.22%	7.79%
Valuation allowance	(35.98%)	0.00%
Permanent differences	(0.86%)	(1.77%)
Tax credits generated	0.50%	(24.83%)
Foreign rate differential and other	(1.93%)	2.62%
Total	0.95%	17.81%

- Definition

A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations.

+ References+ Details

- Definition

The domestic federal statutory tax rate applicable under enacted tax laws to the Company's pretax income from continuing operations for the period. The "statutory" tax rate is the regular tax rate if there are alternative tax systems.

+ References+ Details

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Stockholders' Equity (Tables)

12 Months Ended

Sep. 30, 2012

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The weighted average assumptions for grants during the years ended September 30, 2012 and 2011 used in the Black-Scholes option pricing model were as follows:

	2012			2011
Expected term in years		5 years			3 years
Risk-free interest rate		2.64	%		3.95	%
Expected volatility		93.62	%		85.21	%
Expected dividend yield		0.00	%		0.00	%

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

A summary of stock option activity for the years ended September 30, 2012 and 2011 is presented below:

	Options Outstanding			Weighted Average Exercise Price per Share ($)		Weighted Average Remain Contractual Term (in Years)
Balance at September 30, 2011		1,283,997			3.10		2.22
Vested and exercisable at September 30, 2011		924,622			2.73		1.98
Granted		43,960			3.03
Exercised		(138,373	)		1.58
Cancelled		(395,101	)		3.14
Balance at September 30, 2012		794,483			3.34		1.75
Vested and Exercisable at September 30, 2012		794,483			3.34		1.75

Range of Exercise Prices		Options Outstanding		Weighted Average Contractual Life (years)		Weighted Average Exercise Price		Options Exercisable		Weighted Average Exercise Price
$	2.00 - 2.99		200,000		1.84		2.00		200,000		2.00
	3.00 - 3.99		259,681		1.44		3.24		259,681		3.24
	4.00 - 4.99		295,000		1.91		4.00		295,000		4.00
	5.00 - 5.99		29,528		2.03		5.53		29,528		5.53
	6.00 - 6.65		10,274		2.17		6.65		10,274		6.65
$	2.00 - 6.65		794,483		1.75	$	3.34		794,483	$	3.34

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

A summary of restricted stock activity for the year ended September 30, 2012 and 2011 is presented below:

Restricted Stock Activity for the Year ended September 30, 2012	Shares			Weighted-Average Grant-Date Fair Value
Nonvested at September 30, 2011		403,000		$	4.02

Granted		104,000		$	1.10
Vested		(127,166	)	$	3.72
Cancelled		(252,000	)	$	4.03
Nonvested at September 30, 2012		127,834		$	1.92

Restricted Stock Activity for the Year ended September 30, 2011	Shares			Weighted-Average Grant-Date Fair Value
Nonvested at September 30, 2010		7,500		$	3.75

Granted		423,000		$	4.02
Vested		(27,500	)	$	4.00
Cancelled		-0-			-0-
Nonvested at September 20, 2011		403,000		$	4.02

- Definition

Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

+ References+ Details

XML 56 R65.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details Textual) (USD $)	1 Months Ended	12 Months Ended								12 Months Ended		1 Months Ended
Stockholders' Equity (Details Textual) (USD $)	Feb. 29, 2012	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2010	Jun. 07, 2012	Apr. 02, 2012	Jul. 05, 2008	Sep. 30, 2012 Employee Stock Plan [Member]	Sep. 30, 2011 Employee Stock Plan [Member]	Sep. 30, 2012 Common Stock [Member]	Sep. 30, 2011 Common Stock [Member]	Dec. 21, 2010 Series C Preferred Stock [Member]	Jul. 31, 2008 Series C Preferred Stock [Member]	Jul. 05, 2008 Series C Preferred Stock [Member]	Jul. 05, 2008 Private Placement [Member] Series B Preferred Stock [Member]
Shares, Issued														5,256,000	5,256,000
Share Price														$ 1.00
Payments of Stock Issuance Costs													$ 0
Preferred Stock, Dividend Rate, Percentage													10.00%
Common Stock, Conversion Basis												On December 21, 2010, Dynasil converted all these shares into its common stock, $0.0005 par value per share at a conversion price of $2.50 per share in a mandatory conversion.	On December 21, 2010, Dynasil converted all these shares into its common stock, $0.0005 par value per share at a conversion price of $2.50 per share in a mandatory conversion
Conversion of Stock, Shares Issued		256,236	208,796									2,102,400
Common stock, shares issued		15,610,517	15,393,053					47,440	28,758
Common Stock, Value, Issued		7,805	7,696					63,122	95,290
Additional paid in capital		17,037,618	15,896,755	1,999,500
Temporary Equity Increase				2,000,000
Common stock, shares outstanding		14,800,357	14,582,893		71,227
Temporary Equity, Par Value						142,454
Stock Issued During Period, Shares, Employee Stock Ownership Plan		4,289,436	3,898,719	6,000,000
Shares, Granted		43,960
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price		$ 3.34	$ 2.73
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period		(395,101)
Common Stock, Capital Shares Reserved for Future Issuance		450,000
Common stock, value		7,805	7,696					63,122	95,290
Sale of Stock, Price Per Share														$ 2.50
Convertible Preferred Stock, Shares Issued upon Conversion							0.40
Preferred stock, shares issued		0	0											122,308
Conversion of Stock, Shares Converted												5,256,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized		301,000
Employee Stock Ownership Plan (ESOP), Terms of Repurchase Obligation				Company adopted an Amended and Restated Employee Stock Purchase Plan. The existing plan was amended to extend the termination date to September 28, 2020. The Employee Stock Purchase Plan permits substantially all employees to purchase common stock at a purchase price of 85% of the fair market value of the shares.
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition		6 months
Stock Repurchased During Period, Shares	928,773	928,773
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 1.34	$ 1.62
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value		92,710	1,003,886
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		192,085	131,468
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value		135,684	93,882
Issuance of shares of common stock under stock option plan (in shares)		138,373	532,750							0	20,000
Temporary equity, shares outstanding		0	1,000,000
Redeemable common stock, at redemption value of $2 per share; put option on 0 shares and 1,000,000 issued and outstanding at September 30, 2012 and September 30, 2011, respectively.		0	2,000,000
Temporary Equity, Par or Stated Value Per Share		$ 2
Maximum Shares Issuabe													480,000
Stock compensation expense		935,396	563,443
Minimum Stock Value To Be Purchased Under Plan Per Employee Before Amedment		20,000
Minimum Stock Value To Be Purchased Under Plan Per Employee After Amedment		$ 5,000

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Supplemental Disclosure of Cash Flow Information

12 Months Ended

Sep. 30, 2012

Supplemental Cash Flow Elements [Abstract]

Cash Flow, Supplemental Disclosures [Text Block]

Note 16 – Supplemental Disclosure of Cash Flow Information

	2012		2011
Cash Paid during the year for:
Interest		596,129		615,516
Income taxes		418,179		541,219

During the years ended September 30, 2012 and 2011, preferred stock dividends paid are net of $0 and $83,245, respectively, for the issuance of common stock in lieu of dividends.

During the year ended September 30, 2012, 138,373 options were exercised in a cashless exercise with an intrinsic value of $92,710.

- Definition

The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.

+ References+ Details

XML 58 R36.htm IDEA: XBRL DOCUMENT

Retirement Plans (Tables)

12 Months Ended

Sep. 30, 2012

Compensation and Retirement Disclosure [Abstract]

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

The changes in benefit obligations and plan assets under the pension plan were as follows as of and for the year ended September 30, 2012:

Change in benefit obligation:
Benefit obligation at beginning of fiscal year	$	397,760
Service costs		-
Interest costs		20,659
Benefits paid		(8,621	)
Actuarial loss		231,002

Benefit obligation at end of fiscal year	$	640,800

Change in plan assets:
Fair value of plan assets at beginning of fiscal year	$	308,089
Actual return on plan assets		(38,532	)
Employer contribution		34,421
Benefits paid		(8,621	)

Fair value of plan assets at end of year	$	295,357

Funded status at end of year	$	(345,443	)

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

Amounts recognized in the consolidated balance sheets consist of the following as of September 30, 2012 and 2011:

	2012			2011

Long-term liabilities	$	(345,443	)	$	(113,344	)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

Amounts recognized in accumulated other comprehensive income as of September 30, 2012 consist of the following:

Net loss/(gain)	$	243,262
Prior service cost		102,181

	$	345,443

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

The following table summarizes the pension plan, which has a projected benefit obligation that exceeds plan assets:

	2012		2011

Projected benefit obligation in excess of plan assets:
Projected benefit obligation	$	640,800	$	397,760
Fair value of plan assets		295,357		308,089

Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block]

The following table summarizes the components of the net periodic pension cost at September 30, 2012:

Interest costs	$	20,659
Expected return on assets		(15,189	)
Amortization of net loss		17,788

Net periodic pension cost	$	23,258

Schedule of Assumptions Used [Table Text Block]

Weighted-average assumptions used to determine benefit obligations at September 30, 2012 were:

Discount rate	3.75	%
Expected return on plan assets	2.60	%
Rate of compensation increase	not applicable

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

The following table presents the pension plan assets financial instruments carried at fair value as of September 30, 3012 and 2011 in accordance with the fair value hierarchy:

	Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)
September 30, 2012
Money Market Separate
Account	$	-	$	295,357	$	-

Total plan assets	$	-	$	295,357	$	-

September 30, 2011
Money Market Separate
Account	$	-	$	308,089	$	-

Total plan assets	$	-	$	308,089	$	-

Schedule of Expected Benefit Payments [Table Text Block]

Benefits expected to be paid in each of the next five fiscal years and in aggregate for the five fiscal years thereafter are as follows:

2013	$	12,000
2014		14,000
2015		16,000
2016		21,000
2017		21,000
2018-2022		140,000

	$	224,000

XML 59 R24.htm IDEA: XBRL DOCUMENT

Quarterly Financial Information

12 Months Ended

Sep. 30, 2012

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information [Text Block]

Note 18 – Quarterly Financial Information (Unaudited)

	Fourth			Third			Second			First
	Quarter			Quarter			Quarter			Quarter

Net revenue		11,373,808			12,082,037			12,299,010			12,132,295
Cost of revenue		7,064,015			7,097,378			7,214,667			7,005,347
Selling, general and administrative expenses		5,178,246			5,124,010			5,684,059			4,940,620
Impairment of goodwill		2,284,499			-			-			-
Income (loss) from operations		(3,152,952	)		(139,351	)		(599,716	)		186,328
Interest expense, net		252,219			140,246			122,474			124,157
Income (loss) before income tax (benefit) provision		(3,405,171	)		(279,597	)		(722,190	)		62,171
Income tax (benefit) provision		352,023			52,303			(137,180	)		(308,167	)
Net income (loss)		(3,757,194	)		(331,900	)		(585,010	)		370,338

Basic net income (loss) per common share	$	(0.25	)	$	(0.02	)	$	(0.04	)	$	0.02
Diluted net income (loss)per common share	$	(0.25	)	$	(0.02	)	$	(0.04	)	$	0.02

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details

XML 60 R68.htm IDEA: XBRL DOCUMENT

Retirement Plans (Details 2) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Sep. 30, 2012
Net loss/(gain)	$ 243,262
Prior service cost	102,181
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax	$ 345,443

- Definition

The pretax total of net gain (loss), prior service cost (credit), and transition assets (obligations), as well as minimum pension liability if still remaining, included in accumulated other comprehensive income associated with a defined benefit pension or other postretirement plan(s) because they have yet to be recognized as components of net periodic benefit cost.

+ References+ Details

- Definition

Before tax amount, net of reclassification adjustments, of the benefit improvement costs resulting from a plan amendment that occurred that has not been recognized in net periodic benefit cost.

+ References+ Details

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Nature of Operations and Ability to Continue as a Going Concern

12 Months Ended

Sep. 30, 2012

Disclosure Text Block [Abstract]

Nature of Operations [Text Block]

Note 1 – Nature of Operations and Ability to Continue as a Going Concern

Nature of Operations

Liquidity

Because of the uncertainty of any resolution of the covenant violations and possibility of an acceleration of the indebtedness by the lenders, the Company has reclassified all of its outstanding indebtedness as a current liability for the fiscal year ended September 30, 2012. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and positive cash flows and/or to obtain the necessary financing from shareholders or other sources to meet its obligations and repay its liabilities arising from normal business operations when they become due.

XML 63 R3.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Sep. 30, 2012	Sep. 30, 2011
Allowance for doubtful accounts (in dollars)	$ 146,210	$ 182,634
Allowance for sales returns (in dollars)	$ 51,860	$ 18,356
Temporary equity, redemption value (in dollars per share)	$ 2	$ 2
Temporary equity, shares issued	0	1,000,000
Temporary equity, shares outstanding	0	1,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	15,000,000	15,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Preferred stock cumulative dividends rate	10.00%	10.00%
Common stock, par value (in dollars per share)	$ 0.0005	$ 0.0005
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	15,610,517	15,393,053
Common stock, shares outstanding	14,800,357	14,582,893
Treasury stock, shares (in shares)	810,160	810,160

XML 64 R17.htm IDEA: XBRL DOCUMENT

Stockholders' Equity

12 Months Ended

Sep. 30, 2012

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Note 11 – Stockholders’ Equity

Convertible Preferred Stock

Temporary Equity

Stock Based Compensation

	2012			2011
Expected term in years		5 years			3 years
Risk-free interest rate		2.64	%		3.95	%
Expected volatility		93.62	%		85.21	%
Expected dividend yield		0.00	%		0.00	%

A summary of stock option activity for the years ended September 30, 2012 and 2011 is presented below:

	Options Outstanding			Weighted Average Exercise Price per Share ($)		Weighted Average Remain Contractual Term (in Years)
Balance at September 30, 2011		1,283,997			3.10		2.22
Vested and exercisable at September 30, 2011		924,622			2.73		1.98
Granted		43,960			3.03
Exercised		(138,373	)		1.58
Cancelled		(395,101	)		3.14
Balance at September 30, 2012		794,483			3.34		1.75
Vested and Exercisable at September 30, 2012		794,483			3.34		1.75

Range of Exercise Prices		Options Outstanding		Weighted Average Contractual Life (years)		Weighted Average Exercise Price		Options Exercisable		Weighted Average Exercise Price
$	2.00 - 2.99		200,000		1.84	$	2.00		200,000	$	2.00
	3.00 - 3.99		259,681		1.44		3.24		259,681		3.24
	4.00 - 4.99		295,000		1.91		4.00		295,000		4.00
	5.00 - 5.99		29,528		2.03		5.53		29,528		5.53
	6.00 - 6.65		10,274		2.17		6.65		10,274		6.65
$	2.00 - 6.65		794,483		1.75	$	3.34		794,483	$	3.34

Stock compensation expense for the years ended September 30, 2012 and 2011 was $935,596 and $563,443, respectively.

At September 30, 2012 there was approximately $301,000 in unrecognized stock compensation cost, which is expected to be recognized over a weighted average period of six months.

A summary of restricted stock activity for the year ended September 30, 2012 and 2011 is presented below:

Restricted Stock Activity for the Year ended September 30, 2012	Shares			Weighted-Average Grant-Date Fair Value
Nonvested at September 30, 2011		403,000		$	4.02

Granted		104,000		$	1.10
Vested		(127,166	)	$	3.72
Cancelled		(252,000	)	$	4.03
Nonvested at September 30, 2012		127,834		$	1.92

Restricted Stock Activity for the Year ended September 30, 2011	Shares			Weighted-Average Grant-Date Fair Value
Nonvested at September 30, 2010		7,500		$	3.75

Granted		423,000		$	4.02
Vested		(27,500	)	$	4.00
Cancelled		-0-			-0-
Nonvested at September 20, 2011		403,000		$	4.02

Employee Stock Purchase Plan

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

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-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

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+ Details

XML 65 R1.htm IDEA: XBRL DOCUMENT

DOCUMENT AND ENTITY INFORMATION (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Sep. 30, 2012	Jan. 07, 2013	Mar. 31, 2012
Entity Registrant Name	DYNASIL CORP OF AMERICA
Entity Central Index Key	0000030831
Current Fiscal Year End Date	--09-30
Entity Filer Category	Smaller Reporting Company
Trading Symbol	dysl
Entity Common Stock, Shares Outstanding		14,815,154
Document Type	10-K
Amendment Flag	true
Document Period End Date	Sep. 30, 2012
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2012
Entity Well-Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 14,540,993
Amendment Description	Explanatory Note We are filing this Form 10-K/A Amendment No. 1 (the “Amendment”) to our Annual Report on Form 10-K for the fiscal year ended September 30, 2012 (the “Original Filing”) to correct the following clerical errors: 1. Net cash provided by operating activities contained in Part I, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations and in the Consolidated Statements of Cash Flows in Part I, Item 8, Financial Statements and Supplementary Data. The previously reported amount of net cash provided by operating activities for the fiscal year ended September 30, 2012 was $741,915 and the correct amount of such net cash provided by operating activities was $693,054. 2. Certain balance sheet captions for 2011 contained in the Consolidated Balance Sheets in Part 1 Item 8, Financial Statements and Supplementary Data. The previously reported subtotals for Total other assets, Total Assets, Total long-term liabilities, and Total Liabilities and Stockholders’ Equity of $20,086,302, $40,813,752, $10,254,758 and $40,813,752, respectively were incorrect; the corrected amounts are $20,139,133, $40,866,583, $10,307,589 and $40,866,583, respectively. 3. Future amortization expense in Note 6—Intangible Assets contained in the Item 8, Financial Statements and Supplementary Data. The table showing estimated amortization expense for the next five fiscal years for Trade Names included an incorrect amount of $422,213 in the “Thereafter” column. The corrected amount is $81,992. This Form 10-K/A should be read in conjunction with the original Form 10-K. Except as specifically noted above, this Amendment does not amend, modify or update any financial statements or other disclosures contained in the Original Filing. Accordingly, this Amendment does not reflect events occurring after the Original Filing on January 15, 2013.

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Retirement Plans

12 Months Ended

Sep. 30, 2012

Compensation and Retirement Disclosure [Abstract]

Compensation and Employee Benefit Plans [Text Block]

Note 12 – Retirement Plans

401(k) Plans

Defined Benefit Pension Plan

Pension Obligations

EMF has a defined benefit pension plan covering hourly employees. The plan provides defined benefits based on years of service and final average salary. As of September 30, 2006, the plan was frozen.

The changes in benefit obligations and plan assets under the pension plan were as follows as of and for the year ended September 30, 2012:

Change in benefit obligation:
Benefit obligation at beginning of fiscal year	$	397,760
Service costs		-
Interest costs		20,659
Benefits paid		(8,621	)
Actuarial loss		231,002

Benefit obligation at end of fiscal year	$	640,800

Change in plan assets:
Fair value of plan assets at beginning of fiscal year	$	308,089
Actual return on plan assets		(38,532	)
Employer contribution		34,421
Benefits paid		(8,621	)

Fair value of plan assets at end of year	$	295,357

Funded status at end of year	$	(345,443	)

Amounts recognized in the consolidated balance sheets consist of the following as of September 30, 2012 and 2011:

	2012			2011

Long-term liabilities	$	(345,443	)	$	(113,344	)

Amounts recognized in accumulated other comprehensive income as of September 30, 2012 consist of the following:

Net loss/(gain)	$	243,262
Prior service cost		102,181

	$	345,443

The following table summarizes the pension plan, which has a projected benefit obligation that exceeds plan assets:

	2012		2011

Projected benefit obligation in excess of plan assets:
Projected benefit obligation	$	640,800	$	397,760
Fair value of plan assets		295,357		308,089

At September 30, 2012 the accumulated benefit obligation was the same as the projected benefit obligation.

The following table summarizes the components of the net periodic pension cost at September 30, 2012:

Interest costs	$	20,659
Expected return on assets		(15,189	)
Amortization of net loss		17,788

Net periodic pension cost	$	23,258

Assumptions

Weighted-average assumptions used to determine benefit obligations at September 30, 2012 were:

Discount rate	3.75	%
Expected return on plan assets	2.60	%
Rate of compensation increase	not applicable

Plan Assets

The following table presents the pension plan assets financial instruments carried at fair value as of September 30, 3012 and 2011 in accordance with the fair value hierarchy:

	Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)
September 30, 2012
Money Market Separate
Account	$	-	$	295,357	$	-

Total plan assets	$	-	$	295,357	$	-

September 30, 2011
Money Market Separate
Account	$	-	$	308,089	$	-

Total plan assets	$	-	$	308,089	$	-

Cash Flows

Benefits expected to be paid in each of the next five fiscal years and in aggregate for the five fiscal years thereafter are as follows:

2013	$	12,000
2014		14,000
2015		16,000
2016		21,000
2017		21,000
2018-2022		140,000

	$	224,000

The contributions expected to be paid to the plan during the next fiscal year are $58,147. The measurement date used to determine pension benefits for the plan was September 30, 2012.

XML 67 R80.htm IDEA: XBRL DOCUMENT

Supplemental Disclosure of Cash Flow Information (Details Textual) (USD $)	12 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Issuance of shares of common stock under stock option plan (in shares)	138,373	532,750
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value	$ 92,710	$ 1,003,886
Preferred Stock [Member]
Payments of Dividends	$ 0	$ 83,245

- Definition

Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests.

+ References+ Details

- Definition

Number of share options (or share units) exercised during the current period.

+ References+ Details

XML 68 R4.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)	12 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Net revenue	$ 47,887,150	$ 46,951,666
Cost of revenue	28,381,407	27,201,435
Gross profit	19,505,743	19,750,231
Selling, general and administrative expenses	20,926,935	17,463,573
Impairment of goodwill	2,284,499	0
Income (loss) from operations	(3,705,691)	2,286,658
Interest expense, net	639,096	641,815
Income (loss) before income tax (benefit) provision	(4,344,787)	1,644,843
Income tax (benefit) provision	(41,021)	293,198
Net income (loss)	(4,303,766)	1,351,645
Net income (loss)	(4,303,766)	1,351,645
Other comprehensive income (loss):
Increase in pension liability	(345,443)	0
Foreign currency translation	109,783	147,404
Total comprehensive income (loss)	(4,539,426)	1,499,049
Net income (loss)	(4,303,766)	1,351,645
Dividends on preferred stock	0	116,646
Net income (loss) attributable to common stockholders	$ (4,303,766)	$ 1,234,999
Basic net income (loss) per common share (in dollors per share)	$ (0.29)	$ 0.08
Diluted net income (loss) per common share (in dollors per share)	$ (0.29)	$ 0.08
Weighted average shares outstanding
Basic (in shares)	14,811,294	14,932,226
Diluted (in shares)	14,811,294	15,127,004

XML 69 R12.htm IDEA: XBRL DOCUMENT

Intangible Assets

12 Months Ended

Sep. 30, 2012

Goodwill and Intangible Assets Disclosure Abstract

Goodwill and Intangible Assets Disclosure [Text Block]

Note 6 – Intangible Assets

Intangible assets at September 30, 2012 and 2011 consist of the following:

	Useful	Gross		Accumulated
September 30, 2012	Life (years)	Amount		Amortization		Net
Acquired Customer Base	5-15	$	7,858,775	$	2,257,533	$	5,601,242
Know How	15		512,000		145,147		366,853
Trade Names	15 - Indefinite		558,435		63,222		495,213
Backlog	4		182,000		182,000		-0-
Biomedical Technologies	5		300,000		60,003		239,997
		$	9,411,210	$	2,707,905	$	6,703,305

	Useful	Gross		Accumulated
September 30, 2011	Life (years)	Amount		Amortization		Net
Acquired Customer Base	5-15	$	7,830,117	$	1,617,596	$	6,212,521
Know How	15		512,000		110,933		401,067
Trade Names	15 - Indefinite		546,240		48,622		497,618
Backlog	4		182,000		126,700		55,300
Biomedical Technologies	5		300,000		-0-		300,000
		$	9,370,357	$	1,903,851	$	7,466,506

Amortization expense for the years ended September 30, 2012 and 2011 was $802,511 and $596,820 respectively. Estimated amortization expense for each of the next five fiscal years is as follows:

	2013		2014		2015		2016		2017		Thereafter		Total
Acquired Customer Base	$	542,615	$	542,615	$	542,615	$	542,615	$	542,615	$	2,888,167	$	5,601,242
Know How		34,133		34,133		34,133		34,133		34,133		196,188		366,853
Trade Names		14,600		14,600		14,600		14,600		14,600		81,992		154,992
Biomedical Technologies		60,000		60,000		60,000		59,997		-0-		-0-		239,997
	$	651,348	$	651,348	$	651,348	$	651,345	$	591,348	$	3,166,347	$	6,363,084

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References+ Details

XML 70 R11.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment

12 Months Ended

Sep. 30, 2012

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Note 5 - Property, Plant and Equipment

Property, plant and equipment at September 30, 2012 and 2011 consist of the following:

	2012			2011
Land	$	185,445		$	182,812
Building and improvements		3,381,094			2,843,843
Machinery and equipment		7,173,520			6,892,690
Office furniture and fixtures		437,755			264,689
Transportation equipment		53,419			53,419
		11,231,234			10,237,453
Less accumulated depreciation		(6,247,084	)		(5,377,125	)
	$	4,984,150		$	4,860,328

Depreciation expense for the years ended September 30, 2012 and 2011 was $865,789 and $636,253.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

XML 71 R23.htm IDEA: XBRL DOCUMENT

Segment, Customer and Geographical Reporting

12 Months Ended

Sep. 30, 2012

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

Note 17 – Segment, Customer and Geographical Reporting

Results of Operations for the Fiscal Year Ended September 30,

2012

	Contract Research			Optics			Instruments			Biomedical			Total
Revenue		24,270,675			17,456,436			6,054,752			105,287			47,887,150
Gross Profit		8,859,780			7,125,962			3,436,542			83,459			19,505,743
SG&A		9,523,642			5,548,421			4,915,723			939,149			20,926,935
Impairment of goodwill		-			-			2,284,499			-			2,284,499
Operating Income (Loss)		(663,862	)		1,577,541			(3,763,680	)		(855,690	)		(3,705,691	)
GM %		36.5	%		40.8	%		56.8	%		79.3	%		40.7	%

Depreciation and Amortization		237,623			796,847			575,246			60,003			1,669,719
Capital expenditures		348,314			462,445			207,454			-			1,018,213

Intangibles, Net		366,853			960,821			5,135,634			239,997			6,703,305
Goodwill		4,938,625			1,300,463			4,015,072			-			10,254,160
Total Assets		12,870,151			11,588,145			12,537,403			469,729			37,465,428

Results of Operations for the Fiscal Year Ended September 30,

2011

	Contract Research			Optics			Instruments			Biomedical			Total
Revenue		24,874,088			15,839,205			6,238,373			-			46,951,666
Gross Profit		10,339,990			6,391,291			3,018,950			-			19,750,231
SG&A Costs		9,149,838			5,178,590			2,639,944			495,201			17,463,573
Operating Income (Loss)		1,190,152			1,212,700			379,007			(495,201	)		2,286,658
GM %		41.6	%		40.4	%		48.4	%		0.0	%		42.1	%

Depreciation and Amortization		147,687			581,464			503,922			-			1,233,073
Capital expenditures		284,098			915,978			343,186			-			1,543,262

Intangibles, Net		456,367			1,096,773			5,613,366			300,000			7,466,506
Goodwill		4,938,625			1,283,775			6,299,571			-			12,521,971
Total Assets		10,447,842			14,683,407			15,363,526			371,808			40,866,583

Customer Financial Information

For the Optics segment, there was no customer whose revenue represented more than 10% of the total segment revenues for the years ended September 30, 2012 and 2011.

For the Instruments segment, there was one customer whose revenue represented 18.5% and 18.0, respectively of the Instruments segment revenue in the years ended September 30, 2012 and 2011.

Geographic Financial Information

Revenues by geographic location in total and as a percentage of total revenue, for the years ended September 30, 2012 and 2011 are as follows:

	2012					2011
Geographic Location	Revenue		% of Total			Revenue		% of Total
United States	$	39,520,178		82.6	%	$	38,739,330		82.5	%
Europe		4,274,119		8.9	%		5,003,441		10.7	%
Other		4,092,853		8.5	%		3,208,895		6.8	%
	$	47,887,150		100.0	%	$	46,951,666		100.0	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Related Party Transactions

12 Months Ended

Sep. 30, 2012

Note 13 - Related Party Transactions

During both of the years ended September 30, 2012 and 2011, building lease payments of $114,000 were paid to Optometrics Holdings, LLC in which Laura Lunardo, Optometrics’ COO has a 50% interest.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

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Quarterly Financial Information (Unaudited) (Details) (USD $)	3 Months Ended				12 Months Ended
	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2012	Sep. 30, 2011
Net revenue	$ 11,373,808	$ 12,082,037	$ 12,299,010	$ 12,132,295	$ 47,887,150	$ 46,951,666
Cost of revenue	7,064,015	7,097,378	7,214,667	7,005,347	28,381,407	27,201,435
Selling, general and administrative expenses	5,178,246	5,124,010	5,684,059	4,940,620	20,926,935	17,463,573
Impairment of goodwill	2,284,499	0	0	0	2,284,499	0
Income (loss) from Operations	(3,152,952)	(139,351)	(599,716)	186,328	(3,705,691)	2,286,658
Interest expense, net	252,219	140,246	122,474	124,157	639,096	641,815
Income (loss) before income tax (benefit) provision	(3,405,171)	(279,597)	(722,190)	62,171	(4,344,787)	1,644,843
Income tax (benefit) provision	352,023	52,303	(137,180)	(308,167)	(41,021)	293,198
Net income (loss)	$ (3,757,194)	$ (331,900)	$ (585,010)	$ 370,338	$ (4,303,766)	$ 1,351,645
Basic net income (loss) per common share (in dollors per share)	$ (0.25)	$ (0.02)	$ (0.04)	$ 0.02	$ (0.29)	$ 0.08
Diluted net income (loss) per common share (in dollors per share)	$ (0.25)	$ (0.02)	$ (0.04)	$ 0.02	$ (0.29)	$ 0.08

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Debt

12 Months Ended

Sep. 30, 2012

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Note 9 – Debt

Bank Debt

The Term Loan is to be repaid with equal principal payments of $107,142.85 per month plus interest and matures on July 7, 2015.

Amendment No. 3 to the Bank Loan Agreement also included revisions to certain financial covenants as follows.

Amendment to Leverage Ratio Covenants

Note 9 – Debt (continued)

Bank Debt (continued)

The Amendment also includes a new Consolidated Maximum Adjusted Leverage Ratio covenant, which is Consolidated Total Funded Debt (excluding subordinated debt) to Consolidated EBITDA, as defined in the Amendment. The Amendment requires the Company to maintain a Consolidated Maximum Adjusted Leverage Ratio equal to or less than (i) 3.25x to 1.00x for each of the rolling four quarter periods ending on September 30, 2012 and December 31, 2012, and (ii) 3.00x to 1.00x for each rolling four quarter period ending on or after March 31, 2013.

Amendment to Fixed Charge Coverage Ratio Covenants

The Consolidated Fixed Charge Coverage Ratio is defined as Consolidated EBITDA (as defined in the Amendment) for the applicable period divided by the sum of (a) the Company’s consolidated interest expense for such period, plus (b) the aggregate principal amount of scheduled payments on the Company’s indebtedness made during such period (excluding any repayment of the Entine Indebtedness discussed below), plus (c) the sum of all cash dividends and other cash distributions to the Company’s shareholders during such period, plus (d) the sum of all taxes paid in cash by the Company during such period, less (e) up to $75,000 paid to the IRS, to the extent characterized as interest expense, in connection with certain historical tax filings (the “IRS Payments”).

For the purposes of calculating the Consolidated Fixed Charge Coverage Ratio, Consolidated EBITDA will be (i) at September 30, 2012, the actual Consolidated EBITDA for the 3 months then ended times 4; (ii) at December 31, 2012, the actual Consolidated EBITDA for the 6 months then ended times 2; and (iii) at March 31, 2013, the actual Consolidated EBITDA for the 9 months then ended times 4/3 (provided that the add-backs for Entine Indebtedness discussed below repayment and the IRS Payments are not annualized).

See Current Debt Status below for discussion on Company default of these covenants as of September 30, 2012.

Subordinated Debt

See Current Debt Status below for discussion on Company default of these covenants as of September 30, 2012.

Put Obligation

Current Debt Status

Debt at September 30, 2012 and 2011 is summarized as follows:

	2012			2011
Note payable to bank in monthly installments of $107,143 through July, 2015 followed by a balloon payment of the remaining principal amount. The interest rate is fixed at 5.58% for the life of the loan, and the note is secured by substantially all assets.		6,214,286			7,500,000

Note payable to bank in monthly installments of $47,619 through July, 2015 followed by a balloon payment of the remaining principal amount. The interest rate is floating based on one month LIBOR plus 3.5%. The rate at September 30, 2012 was 3.79%. The rate at September 30, 2011 was 3.76%, and the note is secured by substantially all assets.		2,761,905			3,333,333

Subordinated note payable to Masschusetts Capital Resource Corporation in monthly installments of $25,000 through July, 2015 for interest only, followed by monthly payments of interest and principle through July 2018. The interest rate is fixed at 10.00% for the life of the loan.	$	3,000,000		$	0

Note payable to Ithaca Urban Renewal Agency for Lease of land in Ithaca, New York for 99 years with the options to purchase said land for $26,640 after May 2008.		8,301			11,837
Total Debt	$	11,984,492		$	10,845,170
Less current portion		(11,984,492	)		(1,859,728	)
Long term portion	$	0		$	8,985,442

For the years ending on September 30:
	2013	$	1,865,444
	2014		1,857,143
	2015		5,261,905
	2016		1,565,208
	2017		1,434,792
		$	11,984,492

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Income Taxes (Details 3) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Domestic [Member]
Credits	$ 1,362,543	$ 969,000
NOLs	170,522	0
Stock compensation	170,362	0
Accruals	497,335	193,300
Intangibles	73,681	0
Other	205,154	280,764
Gross deferred tax assets	2,479,597	1,443,064
Valuation allowance	(1,700,949)	0
Deferred tax assets, net	778,648	1,443,064
Depreciation	(778,648)	(623,100)
Intangibles	0	(560,300)
Gross deferred tax liabilities	(778,648)	(1,183,400)
Net deferred tax asset (liability)	0	259,664
Foreign [Member]
Credits		0
NOLs	41,868	0
Stock compensation		45,752
Accruals		0
Intangibles		0
Other		0
Gross deferred tax assets	41,868	45,752
Valuation allowance		0
Deferred tax assets, net	41,868	45,752
Depreciation	(65,948)	(110,452)
Intangibles	(220,989)	(283,967)
Gross deferred tax liabilities	(286,937)	(394,419)
Net deferred tax asset (liability)	(245,069)	348,667
Worldwide [Member]
Credits	1,362,543	969,000
NOLs	212,390	0
Stock compensation	170,362	45,752
Accruals	497,335	193,300
Intangibles	73,681	0
Other	205,154	280,764
Gross deferred tax assets	2,521,465	1,488,816
Valuation allowance	(1,700,949)	0
Deferred tax assets, net	820,516	1,488,816
Depreciation	(844,596)	(733,552)
Intangibles	(220,989)	(844,267)
Gross deferred tax liabilities	(1,065,585)	(1,577,819)
Net deferred tax asset (liability)	$ (245,069)	$ 89,003

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Goodwill

12 Months Ended

Sep. 30, 2012

Goodwill and Intangible Assets Disclosure Abstract

Goodwill Disclosure [Text Block]

Note 7 – Goodwill

The changes to goodwill during the year ended September 30, 2012 are summarized as follows:

	Contract
	Research		Optics		Instruments			Total
Goodwill at September 30, 2011	$	4,938,625	$	1,283,775	$	6,299,571		$	12,521,971
Goodwill impairment on Dynasil Products		-		-		(2,284,499	)		(2,284,499	)
Currency translation on Hilger Crystals		-		16,688		-			16,688
Goodwill at September 30, 2012	$	4,938,625	$	1,300,463	$	4,015,072		$	10,254,160

XML 77 R14.htm IDEA: XBRL DOCUMENT

Fair Value Measurement

12 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Note 8 – Fair Value Measurement

Assets measured at fair value on a nonrecurring basis at September 30, 2012 included the following:

Fair Value Measurements Using Inputs Considered as

		Fair Value at September 30, 2012				Level 1				Level 2				Level 3
Goodwill (Dynasil Products Reporting Unit)		$	4,015,072				-				-			$	4,015,072

odwill for the Dynasil Products reporting unit was deemed to be impaired and written down to its fair value of $4,015,072 at September 30, 2012. The fair value measurement was calculated using a discounted cash flow approach, which includes unobservable inputs classified as Level 3 within the fair value hierarchy. The amount and timing of future cash flows was based on the Company’s most recent operational budgets. The Company uses the assistance of an independent consulting firm to develop valuation assumptions. See Note 2 for additional disclosures on goodwill impairment.

There were no assets or liabilities measured at fair value on a nonrecurring basis at September 30, 2011.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Income Taxes

12 Months Ended

Sep. 30, 2012

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Note 10 – Income Taxes

Income (loss) before the provision (benefit) for income taxes consists of the following:

	2012			2011
US	$	(4,014,238	)	$	2,184,381
Foreign		(330,549	)		(539,538	)
Total	$	(4,344,787	)	$	1,644,843

The provision (benefit) for income taxes in the accompanying consolidated financial statements consists of the following:

	2012			2011
Current
Federal	$	(374,432	)	$	215,128
State		112,024			172,883
Foreign		65,318			(223,284	)
	$	(197,090	)	$	164,727

Deferred
Federal		200,313			176,535
State		59,351			(35,400	)
Foreign		(103,598	)		(12,664	)
		156,066			128,471
Income tax expense (benefit)	$	(41,024	)	$	293,198

A reconciliation of the federal statutory rate to the Company's effective tax rate is as follows:

	2012			2011
Tax due at statutory rate		34.00	%		34.00	%

State tax provision, net of federal		5.22	%		7.79	%
Valuation allowance		-35.98	%		0.00	%
Permanent differences		-0.86	%		-1.77	%
Tax credits generated		0.50	%		-24.83	%
Foreign rate differential and other		-1.93	%		2.62	%
Total		0.95	%		17.81	%

Net deferred tax assets (liabilities) consisted of the following at September 30, 2012:

	Domestic			Foreign			Worldwide

Credits		1,362,543			-			1,362,543
NOLs		170,522			41,868			212,390
Stock compensation		170,362			-			170,362
Accruals		497,335			-			497,335
Intangibles		73,681			-			73,681
Other		205,154			-			205,154
Gross deferred tax assets		2,479,597			41,868			2,521,465

Valuation allowance		(1,700,949	)		-			(1,700,949	)
Deferred tax assets, net		778,648			41,868			820,516

Depreciation		(778,648	)		(65,948	)		(844,596	)
Intangibles		-			(220,989	)		(220,989	)
Gross deferred tax liabilities		(778,648	)		(286,937	)		(1,065,585	)

Net deferred tax asset (liability)		-			(245,069	)		(245,069	)

Net deferred tax assets (liabilities) consisted of the following at September 30, 2011:

	Domestic			Foreign			Worldwide

Credits		969,000			-			969,000
NOLs		-			-			-
Stock compensation		-			45,752			45,752
Accruals		193,300			-			193,300
Intangibles		-			-			-
Other		280,764			-			280,764
Gross deferred tax assets		1,443,064			45,752			1,488,816

Valuation allowance		-			-			-
Deferred tax assets, net		1,443,064			45,752			1,488,816

Depreciation		(623,100	)		(110,452	)		(733,552	)
Intangibles		(560,300	)		(283,967	)		(844,267	)
Gross deferred tax liabilities		(1,183,400	)		(394,419	)		(1,577,819	)

Net deferred tax asset (liability)		259,664			(348,667	)		(89,003	)

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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XML 79 R64.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details 2) (USD $)	12 Months Ended
Stockholders' Equity (Details 2) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Shares, Nonvested beginning balance	403,000	7,500
Shares, Granted	104,000	423,000
Shares, Vested	(127,166)	(27,500)
Shares, Cancelled	(252,000)	0
Shares, Nonvested ending balance	127,834	403,000
Weighted-Average Grant-Date Fair Value, Nonvested beginning	$ 4.02	$ 3.75
Weighted-Average Grant-Date Fair Value, Granted	$ 1.10	$ 4.02
Weighted-Average Grant-Date Fair Value, Vested	$ 3.72	$ 4.00
Weighted-Average Grant-Date Fair Value, Cancelled	$ 4.03	$ 0
Weighted-Average Grant-Date Fair Value, Nonvested ending	$ 1.92	$ 4.02

- Definition

The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).

+ References+ Details

- Definition

The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.

+ References+ Details

- Definition

The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.

+ References+ Details

- Definition

The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.

+ References+ Details

XML 80 R85.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details Textual) (Dr Gerald Entine [Member])	Sep. 30, 2012
Dr Gerald Entine [Member]
Equity Method Investment, Ownership Percentage	23.20%

- Definition

The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.

+ References+ Details

XML 81 R66.htm IDEA: XBRL DOCUMENT

Retirement Plans (Details) (USD $)	12 Months Ended
Retirement Plans (Details) (USD $)	Sep. 30, 2012
Change in benefit obligation:
Benefit obligation at beginning of fiscal year	$ 397,760,000
Service costs	0
Interest costs	20,659,000
Benefits paid	(8,621,000)
Actuarial loss	231,002,000
Benefit obligation at end of fiscal year	640,800,000
Change in plan assets:
Fair value of plan assets at beginning of fiscal year	308,089
Actual return on plan assets	(38,532,000)
Employer contribution	34,421,000
Benefits paid	(8,621,000)
Fair value of plan assets at end of year	295,357
Funded status at end of year	$ (345,443,000)

XML 82 R63.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details 1) (USD $)	12 Months Ended
Stockholders' Equity (Details 1) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2010
Balance,Options Outstanding	1,283,997	1,855,501
Vested and exercisable,Options Outstanding	942,622
Granted,Options Outstanding	43,960
Exercised,Options Outstanding	138,373	532,750
Cancelled,Options Outstanding	(395,101)
Balance,Options Outstanding	794,483	1,283,997	1,855,501
Vested and exercisable,Options Outstanding	794,483	942,622
Balance,Weighted Average Exercise Price per Share	$ 3.10	$ 2.88
Vested and exercisable,Weighted Average Exercise Price per Share	$ 2.73
Granted,Weighted Average Exercise Price per Share	$ 3.03
Exercised,Weighted Average Exercise Price per Share	$ 1.58
Cancelled,Weighted Average Exercise Price per Share	$ 3.14
Balance,Weighted Average Exercise Price per Share	$ 3.34	$ 3.10	$ 2.88
Vested and exercisable,Weighted Average Exercise Price per Share	$ 3.34	$ 2.73
Balance,Weighted Average Remain Contractual Term (In Years)	1 year 9 months	2 years 2 months 19 days	2 years
Vested and exercisable, Weighted Average Remain Contractual Term (in Years)	1 year 9 months	1 year 11 months 23 days
Option One [Member]
Balance,Options Outstanding	200,000
Vested and exercisable,Options Outstanding	200,000
Balance,Weighted Average Exercise Price per Share	$ 2.00
Vested and exercisable,Weighted Average Exercise Price per Share	$ 2.00
Balance,Weighted Average Remain Contractual Term (In Years)	1 year 10 months 2 days
Option Two [Member]
Balance,Options Outstanding	259,681
Vested and exercisable,Options Outstanding	259,681
Balance,Weighted Average Exercise Price per Share	$ 3.24
Vested and exercisable,Weighted Average Exercise Price per Share	$ 3.24
Balance,Weighted Average Remain Contractual Term (In Years)	1 year 5 months 9 days
Option Three [Member]
Balance,Options Outstanding	295,000
Vested and exercisable,Options Outstanding	295,000
Balance,Weighted Average Exercise Price per Share	$ 4.00
Vested and exercisable,Weighted Average Exercise Price per Share	$ 4.00
Balance,Weighted Average Remain Contractual Term (In Years)	1 year 10 months 28 days
Option Four [Member]
Balance,Options Outstanding	29,528
Vested and exercisable,Options Outstanding	29,528
Balance,Weighted Average Exercise Price per Share	$ 5.53
Vested and exercisable,Weighted Average Exercise Price per Share	$ 5.53
Balance,Weighted Average Remain Contractual Term (In Years)	2 years 0 months 11 days
Option Five [Member]
Balance,Options Outstanding	10,274
Vested and exercisable,Options Outstanding	10,274
Balance,Weighted Average Exercise Price per Share	$ 6.65
Vested and exercisable,Weighted Average Exercise Price per Share	$ 6.65
Balance,Weighted Average Remain Contractual Term (In Years)	2 years 2 months 1 day
Maximum [Member]
Range of Exercise Prices	$ 6.65
Maximum [Member] \| Option One [Member]
Range of Exercise Prices	$ 2.99
Maximum [Member] \| Option Two [Member]
Range of Exercise Prices	$ 3.99
Maximum [Member] \| Option Three [Member]
Range of Exercise Prices	$ 4.99
Maximum [Member] \| Option Four [Member]
Range of Exercise Prices	$ 5.99
Maximum [Member] \| Option Five [Member]
Range of Exercise Prices	$ 6.65
Minimum [Member]
Range of Exercise Prices	$ 2.00
Minimum [Member] \| Option One [Member]
Range of Exercise Prices	$ 2.00
Minimum [Member] \| Option Two [Member]
Range of Exercise Prices	$ 3.00
Minimum [Member] \| Option Three [Member]
Range of Exercise Prices	$ 4.00
Minimum [Member] \| Option Four [Member]
Range of Exercise Prices	$ 5.00
Minimum [Member] \| Option Five [Member]
Range of Exercise Prices	$ 6.00

XML 83 R34.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2012

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

Income (loss) before the provision (benefit) for income taxes consists of the following:

	2012			2011
US	$	(4,014,238	)	$	2,184,381
Foreign		(330,549	)		(539,538	)
Total	$	(4,344,787	)	$	1,644,843

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision (benefit) for income taxes in the accompanying consolidated financial statements consists of the following:

	2012			2011
Current
Federal	$	(374,432	)	$	215,128
State		112,024			172,883
Foreign		65,318			(223,284	)
	$	(197,090	)	$	164,727

Deferred
Federal		200,313			176,535
State		59,351			(35,400	)
Foreign		(103,598	)		(12,664	)
		156,066			128,471
Income tax expense (benefit)	$	(41,024	)	$	293,198

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of the federal statutory rate to the Company's effective tax rate is as follows:

	2012			2011
Tax due at statutory rate		34.00	%		34.00	%

State tax provision, net of federal		5.22	%		7.79	%
Valuation allowance		-35.98	%		0.00	%
Permanent differences		-0.86	%		-1.77	%
Tax credits generated		0.50	%		-24.83	%
Foreign rate differential and other		-1.93	%		2.62	%
Total		0.95	%		17.81	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Net deferred tax assets (liabilities) consisted of the following at September 30, 2012:

	Domestic			Foreign			Worldwide

Credits		1,362,543			-			1,362,543
NOLs		170,522			41,868			212,390
Stock compensation		170,362			-			170,362
Accruals		497,335			-			497,335
Intangibles		73,681			-			73,681
Other		205,154			-			205,154
Gross deferred tax assets		2,479,597			41,868			2,521,465

Valuation allowance		(1,700,949	)		-			(1,700,949	)
Deferred tax assets, net		778,648			41,868			820,516

Depreciation		(778,648	)		(65,948	)		(844,596	)
Intangibles		-			(220,989	)		(220,989	)
Gross deferred tax liabilities		(778,648	)		(286,937	)		(1,065,585	)

Net deferred tax asset (liability)		-			(245,069	)		(245,069	)

Net deferred tax assets (liabilities) consisted of the following at September 30, 2011:

	Domestic			Foreign			Worldwide

Credits		969,000			-			969,000
NOLs		-			-			-
Stock compensation		-			45,752			45,752
Accruals		193,300			-			193,300
Intangibles		-			-			-
Other		280,764			-			280,764
Gross deferred tax assets		1,443,064			45,752			1,488,816

Valuation allowance		-			-			-
Deferred tax assets, net		1,443,064			45,752			1,488,816

Depreciation		(623,100	)		(110,452	)		(733,552	)
Intangibles		(560,300	)		(283,967	)		(844,267	)
Gross deferred tax liabilities		(1,183,400	)		(394,419	)		(1,577,819	)

Net deferred tax asset (liability)		259,664			(348,667	)		(89,003	)

XML 84 R51.htm IDEA: XBRL DOCUMENT

Goodwill (Details) (USD $)	12 Months Ended
Goodwill (Details) (USD $)	Sep. 30, 2012
Goodwill at September 30, 2011	$ 12,521,971
Goodwill impairment on Dynasil Products	(2,284,499)
Currency translation on Hilger Crystals	16,688
Goodwill at September 30, 2012	10,254,160
Contract Research [Member]
Goodwill at September 30, 2011	4,938,625
Goodwill impairment on Dynasil Products	0
Currency translation on Hilger Crystals	0
Goodwill at September 30, 2012	4,938,625
Optics [Member]
Goodwill at September 30, 2011	1,283,775
Goodwill impairment on Dynasil Products	0
Currency translation on Hilger Crystals	16,688
Goodwill at September 30, 2012	1,300,463
Instruments [Member]
Goodwill at September 30, 2011	6,299,571
Goodwill impairment on Dynasil Products	(2,284,499)
Currency translation on Hilger Crystals	0
Goodwill at September 30, 2012	$ 4,015,072

- Definition

+ References

+ Details

- Definition

Loss recognized during the period that results from the write-down of goodwill after comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. Goodwill is assessed at least annually for impairment.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (e)

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-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Number 142

-Paragraph 45

-Subparagraph e

-Clause 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

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-Number 142

-Paragraph 47

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

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-Paragraph 2

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-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13777-109266

+ Details

XML 85 R21.htm IDEA: XBRL DOCUMENT

Vendor Concentration

12 Months Ended

Sep. 30, 2012

Risks and Uncertainties [Abstract]

Concentration Risk Disclosure [Text Block]

Note 15 - Vendor Concentration

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 21

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13537-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 20

-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6404-108592

Reference 3: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 16

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15A

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-Publisher AICPA

-Name Statement of Position (SOP)

-Number 94-6

-Paragraph 21, 22, 24

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Reference 8: http://www.xbrl.org/2003/role/presentationRef

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-Paragraph 18

-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6351-108592

+ Details

XML 86 R26.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

Government funded services revenues from cost plus contracts are recognized as costs are incurred on the basis of direct costs plus allowable indirect costs and an allocable portion of the contracts’ fixed fees. Revenue from fixed-type contracts is recognized under the percentage of completion method with estimated costs and profits included in contract revenue as work is performed. Revenues from time and materials contracts are recognized as costs are incurred at amounts represented by agreed billing amounts. Recognition of losses on projects is taken as soon as the loss is reasonably determinable. The Company has an accrual for contract losses in the amount of $90,162 and $0 as of September 30, 2012 and 2011, respectively.

Trade and Other Accounts Receivable, Policy [Policy Text Block]

Allowance for Doubtful Accounts Receivable

Shipping and Handling Cost, Policy [Policy Text Block]

Shipping and Handling Costs

Research and Development Expense, Policy [Policy Text Block]

Research and Development

Costs In Excess Of Billings [Policy Text Block]

Costs in Excess of Billings and Unbilled Receivables

Costs in excess of billings relates to research and development contracts and consists of actual costs incurred plus fees in excess of billings at provisional contract rates.

Convertible Preferred Stock [Policy Text Block]

Convertible Preferred Stock

The Company considers the guidance of EITF 98-5, "Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios" and EITF 00-27, "Application of Issue No. 98-5 to Certain Convertible Instruments", codified in FASB ASC Topic 470-20 when accounting for the issuance of convertible preferred stock. The Company's convertible preferred stock, when issued, are generally convertible to common stock at or above the then current market price of the Company's common stock and therefore, contain no beneficial conversion feature.

Legal Costs, Policy [Policy Text Block]

Patent Costs

Inventory, Policy [Policy Text Block]

Inventories

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment

Goodwill and Intangible Assets, Policy [Policy Text Block]

Goodwill

•

a significant adverse change in legal status or in the business climate,

•

an adverse action or assessment by a regulator,

•

a more likely than not expectation that a segment or a significant portion thereof will be sold, or

•

the testing for recoverability of a significant asset group within the segment.

Intangible Assets, Finite-Lived, Policy [Policy Text Block]

Intangible Assets

Recovery Of Long Lived Assets [Policy Text Block]

Recovery of Long-Lived Assets

•

a significant decrease in the market price of an asset or asset group,

•

a significant adverse change in the extent or manner in which an asset or asset group is being used or in its physical condition,

•

a significant adverse change in legal factors or in the business climate that could affect the value of an asset or asset group, including an adverse action or assessment by a regulator,

•

an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset,

•

a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life, or

•

an impairment of goodwill at a reporting unit.

Fair Value Measurement, Policy [Policy Text Block]

Fair Value Measurements

Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Observable inputs based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Deferred Policy Acquisition Costs [Text Block]

Deferred Financing Costs

Advertising Costs, Policy [Policy Text Block]

Advertising

The Company expenses all advertising costs as incurred. Advertising expense for the years ended September 30, 2012 and 2011 was $118,250 and $246,426.

Deferred Charges, Policy [Policy Text Block]

Deferred Rent

Pension and Other Postretirement Plans, Policy [Policy Text Block]

Retirement Plans

Income Tax, Policy [Policy Text Block]

Income Taxes

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Common Share

For purposes of computing diluted earnings per share for the year ended September 30, 2011, 194,778 common share equivalents were assumed to be outstanding.

The computations of the weighted shares outstanding for the years ended September 30 are as follows:

	2012		2011
Weighted average shares outstanding
Common Stock		14,811,294		14,932,226
Effect of dilutive securities
Stock Options		-0-		194,778
Dilutive Average Shares Outstanding		14,811,294		15,127,004

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock Based Compensation

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Translation

Comprehensive Income, Policy [Policy Text Block]

Comprehensive Income (Loss)

Fair Value of Financial Instruments, Policy [Policy Text Block]

Financial Instruments

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Credit Risk

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements

In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. The amendments result in a consistent definition of fair value and common requirements for measurement of and disclosure regarding fair value between U.S. GAAP and International Financial Reporting Standards. Specifically, the amendments clarify the application of existing fair value measurement and disclosure requirements, including: a) application of the highest and best use and valuation premise concepts, b) measurement of the fair value of an instrument classified in a reporting entity's shareholders equity, and c) quantitative disclosure about the unobservable inputs used in a fair value measurement that is categorized within Level 3 of the fair value hierarchy. The amendments also change a particular principle or requirement for fair value measurement and disclosure, including: a) measurement of the fair value of financial instruments that are managed within a portfolio, b) application of premiums and discounts in a fair value measurement, and c) additional disclosure about fair value measurements. This new standard will be effective for the Company beginning in fiscal 2013 and the Company does not expect the adoption to have a material impact on its consolidated financial statements.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

The Company generally considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

Reclassification, Policy [Policy Text Block]

Reclassifications

Certain amounts as previously reported have been reclassified to conform to the current year financial statement presentation.

XML 87 R49.htm IDEA: XBRL DOCUMENT

Intangible Assets (Details 1) (USD $)	Sep. 30, 2012
2013	$ 651,348
2014	651,348
2015	651,348
2016	651,345
2017	591,348
Thereafter	3,166,347
Total	6,363,084
Acquired Customer Base [Member]
2013	542,615
2014	542,615
2015	542,615
2016	542,615
2017	542,615
Thereafter	2,888,167
Total	5,601,242
Know How [Member]
2013	34,133
2014	34,133
2015	34,133
2016	34,133
2017	34,133
Thereafter	196,188
Total	366,853
Trade Names [Member]
2013	14,600
2014	14,600
2015	14,600
2016	14,600
2017	14,600
Thereafter	81,992
Total	154,992
Biomedical Technologies [Member]
2013	60,000
2014	60,000
2015	60,000
2016	59,997
2017	0
Thereafter	0
Total	$ 239,997

XML 88 R41.htm IDEA: XBRL DOCUMENT

Nature of Operations and Ability to Continue as a Going Concern (Details Textual)	12 Months Ended
	Sep. 30, 2012
Debt Instrument, Interest Rate Increase	0.05

XML 89 R5.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance at Sep. 30, 2010	$ 5,256	$ 6,241	$ 15,025,941	$ 150,162	$ 5,791,368	$ (986,342)	$ 19,992,626
Balance (in shares) at Sep. 30, 2010	5,256,000	12,482,356				810,160
Issuance of shares of common stock under employee stock purchase plan	0	15	95,275	0	0	0	95,290
Issuance of shares of common stock under employee stock purchase plan (in shares)	0	28,758				0
Stock-based compensation costs	0	248	603,194	0	0	0	603,442
Stock-based compensation costs (in shares)	0	497,608				0
Exercise of options by non-director to purchase common stock	0	8	(8)	0	0	0	0
Exercise of options by non-director to purchase common stock (in shares)	0	15,973				0
Exercise of options by director to purchase common stock	0	99	(88)	0	0	0	11
Exercise of options by director to purchase common stock (in shares)	0	198,650				0
Issuance of shares of common stock for conversion of Series C preferred stock	(5,256)	1,051	4,205	0	0	0	0
Issuance of shares of common stock for conversion of Series C preferred stock (in shares)	(5,256,000)	2,102,400				0
Issuance of shares of common stock in lieu of Series C preferred stock dividends	0	34	168,236	0	0	0	168,270
Issuance of shares of common stock in lieu of Series C preferred stock dividends (in shares)	0	67,308				0
Preferred stock dividends	0	0	0	0	(116,646)	0	(116,646)
Adjustment for increase in pension liability, net of tax							0
Foreign currency translation adjustment	0	0	0	147,404	0	0	147,404
Net loss	0	0	0	0	1,351,645	0	1,351,645
Balance at Sep. 30, 2011	0	7,696	15,896,755	297,566	7,026,367	(986,342)	22,242,042
Balance (in shares) at Sep. 30, 2011	0	15,393,053				810,160
Issuance of shares of common stock under employee stock purchase plan	0	24	63,098	0	0	0	63,122
Issuance of shares of common stock under employee stock purchase plan (in shares)	0	47,440				0
Stock-based compensation costs	0	29	935,367	0	0	0	935,396
Stock-based compensation costs (in shares)	0	57,592
Exercise of options by director to purchase common stock	0	21	(21)	0	0	0	0
Exercise of options by director to purchase common stock (in shares)	0	41,205				0
Preferred stock dividends							0
Expiration of put shares	0	35	142,419	0	0	0	142,454
Expiration of put shares (in shares)	0	71,227				0
Adjustment for increase in pension liability, net of tax	0	0	0	(345,443)	0		(345,443)
Foreign currency translation adjustment	0	0	0	109,783	0	0	109,783
Net loss	0	0	0	0	(4,303,766)	0	(4,303,766)
Balance at Sep. 30, 2012	$ 0	$ 7,805	$ 17,037,618	$ 61,906	$ 2,722,601	$ (986,342)	$ 18,843,588
Balance (in shares) at Sep. 30, 2012	0	15,610,517				810,160

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Inventories

12 Months Ended

Sep. 30, 2012

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

Note 4 – Inventories

Inventories, net of reserves, at September 30, 2012 and 2011 consisted of the following:

	September 30,		September 30,
	2012		2011
Raw Materials	$	2,096,681	$	2,149,401
Work-in-Process		885,328		757,709
Finished Goods		289,691		343,429
	$	3,271,700	$	3,250,539

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

+ References+ Details

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Income Taxes (Details 1) (USD $)	3 Months Ended				12 Months Ended
Income Taxes (Details 1) (USD $)	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2012	Sep. 30, 2011
Current
Federal					$ (374,432)	$ 215,128
State					112,024	172,883
Foreign					65,318	(223,284)
Current Income Tax Expense (Benefit)					(197,090)	164,727
Deferred
Federal					200,313	176,535
State					59,351	(35,400)
Foreign					(103,598)	(12,664)
Deferred Income Tax Expense (Benefit)					166,920	128,471
Income tax expense (benefit)	$ 352,023	$ 52,303	$ (137,180)	$ (308,167)	$ (41,021)	$ 293,198

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Segment, Customer and Geographical Reporting (Details 1) (USD $)	3 Months Ended				12 Months Ended
	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2012	Sep. 30, 2011
Revenue	$ 11,373,808	$ 12,082,037	$ 12,299,010	$ 12,132,295	$ 47,887,150	$ 46,951,666
Percentage Of Total Revenue					100.00%	100.00%
United State [Member]
Revenue					39,520,178	38,739,330
Percentage Of Total Revenue					82.60%	82.50%
Europe [Member]
Revenue					4,274,119	5,003,441
Percentage Of Total Revenue					8.90%	10.70%
Other Credit Derivatives [Member]
Revenue					$ 4,092,853	$ 3,208,895
Percentage Of Total Revenue					8.50%	6.80%

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Retirement Plans (Details 3) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2012	Sep. 30, 2011
Projected benefit obligation in excess of plan assets:
Projected benefit obligation	$ 640,800	$ 397,760
Fair value of plan assets	$ 295,357	$ 308,089

- Definition

If aggregate disclosures are presented, the aggregate fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets as of the measurement date of each statement of financial position presented.

+ References+ Details

- Definition

If aggregate disclosures are presented, the aggregate projected benefit obligation for pension plans with accumulated benefit obligations in excess of plan assets as of the measurement date of each statement of financial position presented.

+ References+ Details

XML 94 R27.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares [Table Text Block]

The computations of the weighted shares outstanding for the years ended September 30 are as follows:

	2012		2011
Weighted average shares outstanding
Common Stock		14,811,294		14,932,226
Effect of dilutive securities
Stock Options		-0-		194,778
Dilutive Average Shares Outstanding		14,811,294		15,127,004

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Element us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue had a mix of decimals attribute values: 0 2. 'Monetary' elements on report '065 - Disclosure - Stockholders' Equity (Details Textual)' had a mix of different decimal attribute values. 'Monetary' elements on report '066 - Disclosure - Retirement Plans (Details)' had a mix of different decimal attribute values. 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