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SUBSEQUENT EVENTS

12 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

25. SUBSEQUENT EVENTS

On November 3, 2014, the Company’s board of directors determined that the unsolicited non-binding proposal from Hunan Xindaxin Company Limited’s (“Xindaxin”) to acquire the Company for US$2.50 in cash per ordinary share of the Company, as set forth in Xindaxin’s preliminary non-binding proposal letter dated May 12, 2014 and as previously announced on May 13, 2014, was not in the best interests of the Company and its shareholders. Accordingly, the board of directors determined not to pursue further discussions with Xindaxin regarding the proposal.

On December 22, 2014 the Company adopted the 2014 Performance Equity Plan, under which we are able to issue equity awards with the right to acquire up to 5,000,000 ordinary shares to our directors, officers, employees, individual consultants and advisors. The main purpose of the plan is to provide an existing structure and renewable benefit plan for senior management and directors and others providing services to the company. In addition to current equity awards to the directors and officers, we plan to expand our equity awards to a broader range of employees in order to align our employee incentives towards the stock performance.

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The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

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