Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Mar. 31, 2013
Accounting Policies [Abstract]  
Schedule For Assumptions Made In Determination Of Fair Values For Warrant Liability and Debt Conversion Option Liability [Table Text Block]

 

    Carrying Value     Fair Value Measurements at  
    As of     March 31, 2013  
    March 31,     Using Fair Value Hierarchy  
    2013     Level 1     Level 2     Level 3  
Liabilities                                
Senior secured convertible promissory note   $ 2,773,900     $ -     $ 2,773,900     $ -  
Subordinated convertible promissory note     3,500,000       -       3,500,000       -  
Unsecured convertible promissory note     90,000       -       90,000       -  
Unsecured convertible promissory note (October 2012)     895,800       -       920,900       -  
Total   $ 7,259,700     $ -     $ 7,284,800     $ -