Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.3.1.900
INCOME TAXES (Tables)
12 Months Ended
Sep. 30, 2015
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The following summarizes the income tax provision (benefit):
 
 
 
For The Years Ended
 
 
 
September 30,
 
 
 
2015
 
2014
 
Current:
 
 
 
 
 
 
 
Federal
 
$
-
 
$
883,393
 
State and local
 
 
-
 
 
77,946
 
Utilization of fully reserved net operating losses
 
 
-
 
 
(961,339)
 
 
 
 
-
 
 
-
 
Deferred:
 
 
 
 
 
 
 
Federal
 
 
(1,186,733)
 
 
560,270
 
State and local
 
 
98,834
 
 
49,436
 
 
 
 
(1,087,899)
 
 
609,706
 
Change in valuation allowance
 
 
1,087,899
 
 
(609,706)
 
Income tax provision (benefit)
 
$
-
 
$
-
 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The Company has the following net deferred tax assets:
 
 
 
September 30,
 
 
 
2015
 
2014
 
 
 
 
 
 
 
Net operating loss carryforwards
 
$
1,445,277
 
$
791,255
 
Accruals
 
 
2,007,371
 
 
1,353,310
 
Other - reserves
 
 
301,631
 
 
329,596
 
Deferred tax assets, gross
 
 
3,754,279
 
 
2,474,161
 
Property and equipment
 
 
(192,219)
 
 
-
 
Sub-total
 
 
3,562,060
 
 
2,474,161
 
Valuation allowance
 
 
(3,562,060)
 
 
(2,474,161)
 
 
 
 
 
 
 
 
 
Deferred tax assets, net
 
$
-
 
$
-
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
The reconciliation of the expected tax expense (benefit), based on statutory rates, with the actual expense, is as follows:
 
 
 
For The Years Ended
 
 
 
September 30,
 
 
 
2015
 
 
2014
 
 
 
 
 
 
Expected federal statutory rate
 
 
(34.0)
%
 
 
34.0
%
State tax rate, net of federal benefit
 
 
(1.0)
%
 
 
3.1
%
Permanent differences - meals & entertainment
 
 
0.6
%
 
 
0.8
%
Impact of change in weighted average state tax rate
 
 
3.8
%
 
 
0.0
%
Change in valuation allowance
 
 
30.6
%
 
 
(37.9)
%
 
 
 
 
 
 
 
 
 
Income tax provision (benefit)
 
 
0.0
%
 
 
0.0
%