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CORRECTION OF IMMATERIAL ERROR

12 Months Ended

Sep. 30, 2017

Accounting Changes and Error Corrections [Abstract]

NOTE T – CORRECTION OF IMMATERIAL ERROR

The Company originates SBA loans with intention to sell the 75% portion of the loans guaranteed by the U.S. Government in the normal course of business. For the year ended September 30, 2016, the proceeds from the sale of these held for sale loans were properly reported under the Operating activities on the Company’s Consolidated Statements of Cash Flows, however the originations of said loans were incorrectly reported under the Investing activities on the Company’s Consolidated Statements of Cash Flows. The Consolidated Statements of Cash Flows were corrected for the year ended September 30, 2016 as follows:

As originally reported:
Originations of loans held for sale	$	—
Proceeds from the sales of loans		9,217
Net cash provided by operating activities		14,082

Net increase in loans receivable		(36,824	)
Net cash used by investing activities		(41,578	)

Reclassification adjustments:
Originations of loans held for sale	$	(6,194	)
Proceeds from the sales of loans		625
Net cash provided by operating activities		(5,569	)

Net increase in loans receivable		5,569
Net cash used by investing activities		5,569

As revised:
Originations of loans held for sale	$	(6,194	)
Proceeds from the sales of loans		9,842
Net cash provided by operating activities		8,513

Net increase in loans receivable		(31,255	)
Net cash used by investing activities		(36,009	)

As described in Note B, Item 16., Management determined the correction had no impact on the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income, or the Consolidated Statements of Changes in Stockholders’ Equity.