Annual report pursuant to Section 13 and 15(d)

16. Income Taxes (Tables)

v3.10.0.1
16. Income Taxes (Tables)
12 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Reconciliation of income tax expense
    Year Ended     Year Ended  
    September 30,     September 30,  
    2018     2017  
Current expense:                
Federal   $ (16,621 )   $ 313,405  
State     243,631       243,841  
      227,010       557,246  
                 
Deferred expense:                
Federal     3,471,657       3,397,732  
State     367,526       126,841  
Change in valuation allowance     340,906        
      4,180,089       3,524,573  
Total income tax expense   $ 4,407,099       4,081,819  
Reconciliation between effective and statutory income tax rates
    Year Ended     Year Ended  
    September 30,     September 30,  
    2018     2017  
             
Federal statutory rates   $ 2,507,740     $ 3,598,424  
State income taxes, net of federal benefit     340,018       299,216  
Permanent differences     67,579       71,908  
Impact of federal rate change from Tax Act     3,037,057        
Bargain gain - purchase accounting     (1,455,598 )      
Property & equipment adjustment     (273,525 )      
Federal carryfoward attributes trued up     (170,731 )      
Change in valuation allowance     340,906        
Other     13,653       112,271  
Effective rate   $ 4,407,099     $ 4,081,819  
Schedule of deferred income tax assets and liabilities
    Year Ended     Year Ended  
    September 30,     September 30,  
    2018     2017  
Deferred income tax assets (liabilities):                
Allowance for bad debts   $ 229,048     $ 401,867  
Accrued expenses     22,664       31,183  
Inventory     (8,381 )     772,656  
Accrued compensation     33,670        
Net operating loss     6,050,336       7,804,948  
Tax credits     259,026       377,776  
Stock compensation     2,252,254       2,982,009  
Intangibles     (1,387,115 )     13,126  
Property & equipment     (3,890,234 )     (3,387,298 )
Other           3,743  
Less: Valuation allowance     (340,906 )      
Total deferred income tax asset   $ 3,220,362     $ 9,000,010