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INCOME TAXES (Tables)
12 Months Ended
Sep. 30, 2015
Income Tax Disclosure [Abstract]  
Schedule of income tax provision (benefit)
    2015     2014  
Federal:                
Current   $         -  
Deferred     10,273,000       643,000  
      10,273,000       643,000  
State and local:                
Current     -       -  
Deferred     (195,000 )     13,000  
      (195,000 )     13,000  
                 
Valuation allowance     (10,078,000 )     (656,000 )
                 
Income tax provision (benefit)   $ -       -  
Schedule of effective income tax rate reconciliation

 

    2015     2014  
                 
Statutory federal income tax rate     34.00 %     34.00 %
Statutory state and local income tax rate (1%, as of September 30, 2015 and 2014), net of federal benefit     1.64 %     0.66 %
Stock based compensation     (8.34 %)     0.00 %
Other permanent differences     (4.93 %)     (0.05 %)
Effect of change in deferred tax rate     4.15 %     0.00 %
Warrant liability     (33.78 %)     (0.00 %)
Adjustment to depreciation and amortization     (16.28 %)     0.00 %
Adjustment of prior years’ NOLs     (61.28 %)     0.00 %
Change in valuation allowance     84.82 %     (34.61 %)
Effective tax rate     0.00 %     0.00 %

 

Schedule of components of deferred tax assets
    September 30,  
    2015     2014  
Deferred tax assets (liabilities):                
Stock based compensation   $ 5,738,000     $ 5,619,000  
Depreciation and amortization     35,000       1,733,000  
Impairment of intangibles     -       40,000  
Amortization of debt discount     16,055,000       15,822,000  
Warrant liability     -       2,917,000  
Net operating loss carry forward     8,199,000       14,326,000  
Tax credits     86,000       -  
Other     266,000       -  
Less: valuation allowance     (30,379,000 )     (40,457,000 )
Net deferred tax asset   $ -     $ -