Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
12 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets

The tax effects of temporary differences that give rise to deferred tax assets are presented below:

 

    For The Years Ended September 30,  
    2018     2017  
Deferred Tax Assets:                
Net operating loss carryforward   $ 10,100,864     $ 9,170,789  
Stock-based compensation     2,758,273       2,758,567  
Marketable Securities     -       -  
Total deferred tax assets     12,859,137       11,929,356  
                 
Valuation allowance     (12,859,137 )     (11,929,356 )
                 
Deferred tax asset, net of valuation allowance   $ -     $ -  
                 
Changes in valuation allowance   $ (929,781 )   $ (6,019,107 )

Schedule of Income Tax Provision (Benefit)

The income tax provision (benefit) consists of the following:

 

    For The Years Ended September 30,  
    2018     2017  
Federal:                
Current   $ -     $ -  
Deferred     (802,309 )     (5,193,887 )
                 
State and local:                
Current     -       -  
Deferred     (127,472 )     (825,220 )
      (929,781 )     (6,019,107 )
Change in valuation allowance     929,781       6,019,107  
Income tax provision (benefit)   $ -     $ -  

Schedule of Statutory Federal Income Tax Rate

A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:

 

    For The Years Ended September 30,  
    2018     2017  
             
Tax benefit at federal statutory rate     (34.0 )%     (34.0 )%
State tax, net of federal benefit     - %     - %
Permanent differences     - %     - %
True up of deferred tax asset     - %     - %
Change in valuation allowance     34.0 %     34.0 %
Effective income tax rate     0 %     0 %