Registration of securities issued in business combination transactions

INCOME TAXES (Tables)

v3.19.2
INCOME TAXES (Tables)
12 Months Ended
Sep. 30, 2018
Income Taxes Tables Abstract  
Schedule of reconciliation of the provision (benefit)

The following is a reconciliation of the provision (benefit) for income taxes to the amount compiled by applying the statutory federal income tax rate to profit (loss) before income taxes is as follows for the years ended September 30, 2018 and 2017.

 

    2018     2017  
Federal income tax (benefit) at statutory rates     24.25 %     34.0 %
Stock-based compensation     (0.22 )%     (3.46 )%
Rate change     (81.08 )%      
Change in valuation allowance     58.95 %     (29.29 )%
True-ups and other adjustments     (0.09 )%     (1.27 )%
State tax benefit     (1.82 )%     (0.02 )%
Total     (0.02 )%     (0.04 )%
Schedule of provision (benefit) for income taxes

The provision for income taxes consisted of the following for the years ended September 30, 2018 and 2017:

 

    2018     2017  
Current:            
Federal:   $     $  
State:     1,900       2,600  
Deferred:                
Federal:     129,700       2,082,900  
State:     (246,500 )     (840,600 )
Change in valuation allowance     (116,800 )     (1,242,300 )
Total     1,900       2,600  

 

    2018     2017  
Current:            
Federal:   $     $  
State:     1,900       2,600  
Total current     1,900       2,600  
Deferred:                
Federal:     (5,819,600 )     2,082,900  
State:     (246,500 )     (840,600 )
Total deferred     (6,066,100 )     1,242,300  
Change in valuation allowance     6,066,100       (1,242,300 )
Total   $ 1,900     $ 2,600  
Schedule of deferred taxes

Temporary differences between the financial statement carrying amounts and bases of assets and liabilities that give rise to significant portions of deferred taxes relate to the following at September 30, 2018 and 2017:

 

    2018     2017  
Deferred income tax assets:            
Net operating loss carryforward   $ 13,921,773     $ 19,024,793  
Deferred interest, consulting and compensation liabilities     2,850,840       3,850,567  
Deferred income tax assets – other     155,517       118,793  
      16,928,130       22,994,153  
Deferred income tax liabilities—other            
Deferred income tax asset—net before valuation allowance     16,928,130       22,994,153  
Valuation allowance     (16,928,130 )     (22,994,153 )
Deferred income tax asset—net   $     $