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14. INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2018

Income Taxes Tables Abstract

Components of provision for income taxes

		Years Ended September 30,
		2018				2017
Current
Federal		$	—			$	—
State			—				—
Total current			—				—
Deferred
Federal			15,000				24,000
State			1,000				1,000
Total deferred			16,000				25,000
Total provision		$	16,000			$	25,000

Reconciliation of effective income tax rate

		Years Ended September 30,
		2018				2017
Federal statutory income tax rate			24.3	%			34.0	%
State income taxes, net of federal benefit			49.0				3.2
Permanent differences			(384.5	)			-
Tax impact of federal tax rate change			1,708.1				-
Limitation on net operating losses			1,065.8				(2.3	)
Tax impact of non-controlling interest			(246.4	)			21.1
Change in valuation allowance			(2,250.5	)			(57.8	)
Provision for income taxes			(34.2	)%			(1.8	)%

Significant components of deferred income taxes

		Years Ended September 30,
		2018				2017
Deferred tax assets:
Net operating loss carryforwards		$	1,396,000			$	2,304,000
Stock compensation			139,000				87,000
Investments			0				32,000
Accrued expenses			0				2,000
Intangibles			42,000				0
Capitalized expenses			7,000				-
Charitable contributions			26,000				10,000
Total deferred tax assets			1,610,000				2,435,000
Deferred tax liabilities:
Prepaid expenses			(177,000	)			(31,000	)
Management fees			(169,000	)			(73,000	)
Intangibles			(21,000	)			(33,000	)
Fixed assets			(1,000	)			(18,000	)
Total deferred tax liabilities			(368,000	)			(155,000	)
Net deferred tax assets			1,242.000				2,280,000
Valuation allowance			(1,263,000	)			(2,317,000	)
Net deferred tax liability		$	(21,000	)		$	(37,000	)

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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-Section 50
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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

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