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SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Jun. 30, 2012
General Policies [Abstract]  
Significant Accounting Policies [Text Block]

3. SIGNIFICANT ACCOUNTING POLICIES - continued

 

Discontinued Operations

 

In March 2011, the Company made the decision to sell its Las Vegas location and, in April 2011, sharply reduced its operations in order to eliminate losses as it sought a buyer for the club. The Company believes that it has done everything possible to make this location viable since its acquisition in 2008 and now believes it is in its shareholders’ best interests not to continue these efforts. The club was shuttered and the landlord took over the property in June 2011. Therefore, this club is recognized as a discontinued operation in the accompanying consolidated financial statements.

 

The Company has sold a controlling portion of the membership interest in the entity that previously operated its Rick’s Cabaret in Austin, Texas.  Accordingly, the Company has deconsolidated the subsidiary and carries it as an equity-method investment. The club is recognized as a discontinued operation in the accompanying consolidated financial statements.

 

We closed our Divas Latinas club in Houston during September 2010. This club is recognized in discontinued operations.