Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS

v3.3.1.900
DISCONTINUED OPERATIONS
 12 Months Ended
Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS
3. DISCONTINUED OPERATIONS

 

On September 30, 2012 the Company discontinued its Clinical Services Operation at its wholly-owned subsidiary, NTC, because the operation had persistent losses which could no longer be supported by the Company. Furthermore, the Company chose to focus its limited cash resources to conduct its clinical trial.

 

Summary Financial Data of Discontinued Operations:

 

Revenues, income before income taxes and net loss of NTC which are included in discontinued operations are as follows:

  

    2015     2014  
Neuro-Therapy Clinic                
Revenues   $ —     $ —  
Expenses     (6,600 )     2,700  
Operating gain (loss) before taxes   $ 6,600     $ (2,700 )
Taxes     —       —  
Net gain (loss)   $ 6,600     $ (2,700 )

 

The assets and liabilities of NTC are as follows:

 

    2015     2014  
ASSETS:                
Assets of discontinued operations   $ —     $ —  
                 
LIABILITIES:                
Accounts payable   $ 77,300     $ 86,600  
Accrued payroll liabilities     51,700       90,600  
Liabilities of discontinued operations   $ 129,000     $ 177,200