10. INCOME (LOSS) PER SHARE

12 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

LOSS PER SHARE

     Basic income (loss) per share data for each period presented is computed using the weighted-average number of shares of common stock outstanding during each such period. Diluted income (loss) per share data is computed using the weighted-average number of common and dilutive common-equivalent shares outstanding during each period. Dilutive common-equivalent shares consist of: (i) shares that would be issued upon the exercise of stock options and warrants, computed using the treasury stock method; and (ii) shares of non-vested restricted stock. Net loss from continuing operations per basic and diluted share for the fiscal year ended September 30, 2015 is net of preferred stock cash dividends and accretion.

For the fiscal years ended September 30, 2016 and 2015, the Company calculated the potential diluted earnings per share in accordance with ASC 260, as follows:

	For the Fiscal Years Ended
	September 30,
	2016		2015
Numerator:
Net income (loss)	$	606,562	$	(1,433,981	)
Preferred stock dividends and accretion		–		(475,580	)
Net income (loss) to common equity	$	606,562	$	(1,909,561	)
Denominator:
Weighted average shares outstanding - basic		8,521,188		8,342,168
Effects of dilutive securities:
Assumed exercise of stock options, treasury stock method		28,289		–
Assumed vesting of restricted stock, treasury stock method		126,106		–
Weighted average dilutive potential common shares		154,395		–
Weighted average shares outstanding - diluted		8,675,583		8,342,168
Basic earnings (loss) per share	$	0.07	$	(0.23	)
Diluted earnings (loss) per share	$	0.07	$	(0.23	)

     The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

	For the Fiscal Years Ended
	September 30,
	2016		2015
Options		188,500		311,000
Warrants		723,846		723,846
Non-vested restricted stock		–		263,332
Total potentially dilutive shares		912,346		1,298,178