Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
 12 Months Ended
Sep. 30, 2014
Income Tax Disclosure [Abstract]  
Schedule of effective income tax rate reconciliation

Reconciliations 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 each of the fiscal years ended September 30:

 

    2015     2014  
Federal income tax (benefit) at statutory rates     (34.0 )%     (34.0 )%
Stock-based compensation     (0.4 )%     (0.2 )%
Extinguishment of debt     - %     1.5 %
Change in valuation allowance     (16 )%     (5 )%
True-ups and other adjustments     (7.62 )%     (26.9 )%
State tax benefit     (5.98 )%     (3.4 )%
Schedule of deferred tax assets and liabilities

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, 2015 and 2014:

 

    2015     2014  
Deferred income tax assets:                
Net operating loss carryforward   $ 13,718,300     $ 13,083,200  
Deferred interest, consulting and compensation liabilities     3,596,900       1,529,800  
Amortization     -       -  
Deferred income tax assets – other     5,600       5,800  
      17,320,800       14,618,800  
Deferred income tax liabilities—other     -       (1,600 )
Deferred income tax asset—net before valuation allowance     17,320,800       14,617,200  
Valuation allowance     (17,320,800 )     (14,617,200 )
Deferred income tax asset—net   $ -     $ -