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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2015

Income Taxes Tables

Schedule of deferred tax assets and liabilities

The tax effects of the temporary differences that give rise to the Company’s estimated deferred tax assets and liabilities are as follows:

		2015				2014
						(As restated)
Tax rate			34	%			34	%
Net operating loss carryforwards		$	9,177,000			$	8,270,000
Research and development tax credits			794,000				745,000
Foreign exchange			(10,000	)			(23,000	)
Unpaid charges			832,000				170,000
Intangible asset costs			64,000				70,000
Stock-based compensation			581,000				441,000
Valuation allowance for deferred tax assets			(11,438,000	)			(9,673,000	)
Net deferred tax assets		$	-			$	-

Schedule of statutory income tax rate

The provision for income taxes differ from the amount established using the statutory income tax rate as follows:

		2015				2014
						(As Restated)
Income benefit at statutory rate of 34%		$	(4,117,000	)		$	(3,865,000	)
Foreign income taxed at other rates			80,000				13,000
Permanent differences
Effect of stock based compensation			-				202,000
Debt extinguishment			(29,000	)			2,736,000
Mark-to-market deriative liability adjustment			193,000				(994,000	)
Non-deductible finance and accretion expenses			1,511,000				808,000
Other permanent differences			(5,000	)			(16,000	)
Research and development tax credit			502,000				(26,000	)
Adjustment and true up to prior years' tax provision			100,000				14,000
Change in valuation allowance related to current year provision			1,765,000				2,528,000
Income Tax Recovery		$	-			$	1,400,000

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- References

No definition available.

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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