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 TAXES [Abstract]  
Income Tax Expense Attributable to Pretax Loss from Operations
Income tax expense attributable to pretax loss from operations differed from the amounts computed by applying the U.S. federal income tax rate of 21% to pretax loss as a result of the following:

   
For the Year Ended
 
   
September 30,
2018
   
September 30,
2017
 
             
Computed “expected” tax expense
  $
(242,000
)  
$
(597,000
)
Increase (reduction) in income tax resulting from:
               
Change in valuation allowance
   
230,000
     
330,000
 
State taxes, net of federal benefit
   
(36,000
)    
(46,000
)
Non-deductible losses and expenses
   
48,000
     
313,000
 
                 
Total income tax
 
$
-
   
$
-
 
Components of Deferred Tax Asset and Valuation Allowance
The components of the deferred tax asset and the amount of the valuation allowance are as follow:

   
September 30,
2018
   
September 30,
2017
 
Deferred tax asset attributed to:
           
Net operating losses
  $
1,570,000
   
$
1,980,000
 
Less, valuation allowance
   
(1,570,000
)    
(1,980,000
)
Net deferred tax assets
 
$
-
   
$
-