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EXCEL - IDEA: XBRL DOCUMENT - Teleconnect Inc.Financial_Report.xls
10-K - FORM 10-K - Teleconnect Inc.v330446_10k.htm
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EX-21 - EXHIBIT 21 - Teleconnect Inc.v330446_ex21.htm
EX-31.1 - EXHIBIT 31.1 - Teleconnect Inc.v330446_ex31-1.htm
EX-32.1 - EXHIBIT 32.1 - Teleconnect Inc.v330446_ex32-1.htm
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EX-31.2 - EXHIBIT 31.2 - Teleconnect Inc.v330446_ex31-2.htm
v2.4.0.6
BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING POLICIES (Polices)
12 Months Ended
Sep. 30, 2012
Accounting Policies [Abstract]  
Trade and Other Accounts Receivable, Policy [Policy Text Block]

Accounts and notes receivable -

 

Trade accounts receivable and notes receivable are recorded at their estimated net realizable values using the allowance method. The Company generally does not require collateral. The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. When accounts are determined to be uncollectible they are charged off against an allowance for doubtful accounts. Also, accounts determined to be uncollectible are put in nonaccrual status whereby interest is not accrued on those accounts. Credit losses, when realized, have been within the range of the Company’s expectations. As of September 30, 2012, one customer accounted for 63% of accounts receivable.  As of September 30, 2011, one customer accounted for 73% of accounts receivables.

Advertising Costs, Policy [Policy Text Block]

Advertising Costs -

 

Advertising and sales promotion costs are expensed as incurred. There were $69,393 in advertising and sales promotion costs in 2012 and $82,658 in 2011.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash Equivalents -

 

The Company considers deposits that can be redeemed on demand and highly liquid investments that have original maturities of less than three months, when purchased, to be cash equivalents. Substantially all cash on hand at September 30, 2012 was held in European financial institutions and are insured by the Dutch Central Bank, “De Nederlandsche Bank (DNB)” which, under its Deposit Guarantee Scheme,  guarantees deposits up to € 100,000 held by accountholders of a Dutch bank that becomes unable to meet its obligations.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition -

 

The Company recognizes revenue from the sale of multimedia hardware components in the period in which title has passed and services have been rendered. The Company recognizes revenue from narrowcasting and age validation services when services have been rendered and realization is assured.

Earnings Per Share, Policy [Policy Text Block]

Earnings per Share -

 

Basic net income (loss) per common share is computed by dividing net earnings (loss) applicable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net earnings (loss) per common share is determined using the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents, consisting of shares that might be issued upon exercise of common stock options. In periods where losses are reported, the weighted average number of common shares outstanding excludes common stock equivalents, because their exclusion would be anti-dilutive.

Use of Estimates, Policy [Policy Text Block]

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 certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Adjustments -

 

The financial position and results of substantially all foreign operations are consolidated using the local currency (the Euro) in which the Company operates as a functional currency. The financial statements of foreign operations are translated using exchange rates in effect at year-end for assets and liabilities and average exchange rates during the year for results of operations. The related translation adjustments are reported as a separate component of shareholders’ equity.

Income Tax, Policy [Policy Text Block]

Income Taxes -

 

The Company uses the asset/liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company’s policy is to classify the penalties and interest associated with uncertain tax positions, if required, as a component of its income tax provision.

Inventory, Policy [Policy Text Block]

Inventories -

 

Inventories are stated at the lower of cost or market with cost determined on the first in, first out basis.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and equipment -

 

Property and equipment is stated at cost except for assets acquired using purchase accounting, which are recorded at fair value (see Note 4). Expenditures for major additions and improvements are capitalized, and minor replacements, maintenance, and repairs are charged to expenses as incurred. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gains or losses included in the results of operation for the respective period. Depreciation is computed on a straight line basis over the useful life which is 3 to 5 years.

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill -

 

Goodwill is calculated as the difference between the cost of acquisition and the fair value of the net assets acquired of any business that is acquired. The Company performs impairment tests of the intangible assets at least annually and impairment losses are recognized if the carrying value of the intangible exceeds its fair value. For the years ended September 30, 2012 and 2011, the Company did not incur any charges for impairment.

Consolidation, Variable Interest Entity, Policy [Policy Text Block]

Variable Interest Entities -

 

The Company analyzes any potential variable interest or special-purpose entities in accordance with the guidance of FASB ASC 810-10, Consolidation of Variable Interest and Special-Purpose Entities. Once an entity is determined to be a variable interest entity (VIE), the party with the controlling financial interest, the primary beneficiary, is required to consolidate it. The Company has analyzed its investment in Giga (see Note 18) and after analysis we have determined that, while Giga is a VIE as defined by FASB ASC 810-10, we are not the primary beneficiary, and therefore Giga is not required to be consolidated.

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

Fair value of financial instruments 

 

The Company applies accounting guidance that requires all entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. The guidance defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. As of September 30, 2012 and 2011 the fair value of cash, accounts receivable, other receivables, accounts payable, notes payable, and accrued expenses approximated carrying value due to the short maturity of these instruments.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Accounting for Stock-Based Compensation –

 

The Company accounts for employee equity awards under the fair value method. Accordingly, the Company measures stock-based compensation at the grant date based on the fair value of the award. The fair value of stock option awards, if any, are estimated using the Black-Scholes option pricing model. Estimated compensation cost relating to restricted stock awards, if any, are based on the fair value of the Company’s common stock on the date of the grant. The compensation expense for stock-based awards is reduced by an estimate of forfeitures and is recognized over the expected term of the award under a graded vesting method.