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EXCEL - IDEA: XBRL DOCUMENT - 4NET SOFTWARE INCFinancial_Report.xls
10-K - FORM 10-K - 4NET SOFTWARE INCv330252_10k.htm
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EX-32 - EXHIBIT 32 - 4NET SOFTWARE INCv330252_ex32.htm
EX-31 - EXHIBIT 31 - 4NET SOFTWARE INCv330252_ex31.htm
EX-10.24 - EXHIBIT 10.24 - 4NET SOFTWARE INCv330252_ex10-24.htm
v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
12 Months Ended
Sep. 30, 2012
Accounting Policies [Abstract]  
Organization And Business Activity [Policy Text Block]

ORGANIZATION AND BUSINESS ACTIVITY

 

4net Software, Inc., was incorporated under the laws of the State of Delaware in 1986. During the year ended September 30, 2012, the Company focused its efforts on pursuing a strategy of growth by acquiring businesses with established revenues and earnings, which the Company believes are undervalued. The Company utilized several criteria to evaluate prospective acquisitions including whether the business to be acquired (1) is an established business with viable services and/or products, (2) has an experienced management team, (3) has room for growth and/or expansion into other markets, (4) is accretive to earnings, (5) offers the opportunity to achieve and/or enhance profitability and (6) increases stockholder value.

Use of Estimates, Policy [Policy Text Block]

USE OF ESTIMATES

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Earnings Per Share, Policy [Policy Text Block]

EARNINGS (LOSS) PER COMMON SHARE

 

Basic (loss) earnings per share ("EPS") is computed as net income (loss) divided by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock-based compensation plans including stock options, restricted stock awards, stock purchase agreements, stock subscriptions not fully paid, warrants and other convertible securities which are anti-dilutive for 2012 and 2011. As the Company does not have any such dilutive shares, diluted EPS is the same as basic EPS.

Cash and Cash Equivalents, Policy [Policy Text Block]

CASH EQUIVALENTS

 

For purposes of reporting cash flows, the Company considers as cash equivalents all highly liquid investments with a maturity of three months or less at the time of purchase. On occasion, the Company has cash balances in excess of federally insured amounts. The Company has no cash equivalents at September 30, 2012 and 2011.

Fair Value of Financial Instruments, Policy [Policy Text Block]

FAIR VALUE

 

The carrying amount reported in the balance sheet for cash, accounts payable, accrued expenses and related party notes payable approximates fair value because of the immediate or short-term maturity of these financial instruments.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

CONCENTRATION OF CREDIT RISK

 

Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash. The Company maintains cash accounts at one financial institution. The Company periodically evaluates the credit worthiness of financial institutions, and maintains cash accounts only in large high quality financial institutions, thereby minimizing exposure for deposits in excess of federally insured amounts. The Company believes that credit risk associated with cash is remote.

New Accounting Pronouncements, Policy [Policy Text Block]

RECENT ACCOUNTING PRONOUNCEMENTS

 

There are no recently issued accounting pronouncements that are expected to have a significant impact on the Company's financial statements.