Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.8
Consolidated Balance Sheets (USD $)
Sep. 30, 2014
Sep. 30, 2013
Current Assets    
Cash $ 5,796,223 $ 8,922,430
Accounts receivable, net of allowance for doubtful accounts of $48,068 for 2014 and $13,180 for 2013 2,943,850 2,362,165
Income tax receivable   78,440
Inventory, net 2,983,447 2,459,417
Prepaid expenses and other current assets 638,243 514,213
Deferred income taxes 711,000 2,552,000
TOTAL CURRENT ASSETS 13,072,763 16,888,665
Other assets 166,084 138,458
PLANT AND EQUIPMENT    
Equipment, furniture and fixtures 4,590,124 4,497,854
Leasehold improvements 323,147 323,147
Less accumulated depreciation and amortization (3,310,964) (2,726,171)
Plant and equipment, net 1,602,307 2,094,830
Deferred income taxes 16,832,000 16,048,000
TOTAL ASSETS 31,673,154 35,169,953
Current liabilities:    
Accounts payable 1,124,859 904,049
Accrued expenses and other current liabilities 1,816,508 1,598,276
Accrued compensation 436,843 962,693
TOTAL CURRENT LIABILITIES 3,378,210 3,465,018
LONG-TERM LIABILITIES    
Deferred rent 39,105 66,799
Deferred income taxes 190,513 235,179
TOTAL LIABILITIES 3,607,828 3,766,996
Commitments and Contingencies      
STOCKHOLDERS' EQUITY:    
Preferred stock; no shares issued and outstanding in 2014 or 2013      
Common Stock, par value $0.01 per shares; authorized 38,500,000 shares; issued 30,958,669 and 30,694,843, and 28,775,215 and 28,680,389 shares outstanding in 2014 and 2013 respectively 309,587 306,948
Additional paid-in-capital 68,484,889 67,460,478
Accumulated other comprehensive loss (581,519) (581,519)
Accumulated deficit (32,341,976) (28,715,040)
Treasury stock, at cost (7,805,655) (7,067,910)
TOTAL STOCKHOLDERS' EQUITY 28,065,326 31,402,957
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 31,673,154 $ 35,169,953