| Reconciliation Of Income Tax Expense (Benefit) |
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Three Months Ended
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December 31,
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2017
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2016
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Income tax benefit at statutory rates
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$
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(2,551,000)
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$
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(645,000)
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Effect of change in U.S. tax rate
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(187,000)
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—
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State income tax benefit, net of federal benefits
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(563,000)
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(96,000)
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Non-deductible business acquisition expenses
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—
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111,000
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Non-deductible expenses - other
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4,000
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1,000
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Effect of lower foreign income tax rates
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29,405
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81,736
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Other
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21,542
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17,195
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Income tax benefit
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$
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(3,246,053)
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$
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(530,069)
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| Significant Components Of Deferred Tax Assets And Liabilities |
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December 31,
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September 30,
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Deferred tax assets:
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2017
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2017
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Federal net operating loss carryforwards
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$
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4,063,000
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$
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4,075,000
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State net operating loss carryforwards
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1,703,000
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963,000
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AMT credit carryforward
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533,000
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533,000
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Foreign net operating loss carryforwards – U.K.
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10,578,000
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10,578,000
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Foreign capital allowance – U.K.
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108,000
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108,000
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UK bad debts
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2,000
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2,000
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Restricted stock – U.K.
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1,000
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1,000
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US unearned revenue
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282,000
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409,000
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US deferred rent
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20,000
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76,000
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Share-based compensation
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335,000
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447,000
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Foreign tax credits
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1,820,000
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1,797,000
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Other, net - U.S.
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71,000
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82,000
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Gross deferred tax assets
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19,516,000
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19,071,000
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Valuation allowance for deferred tax assets
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(2,144,000)
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(2,144,000)
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Net deferred tax assets
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17,372,000
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16,927,000
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Deferred tax liabilities:
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In process research and development
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(4,562,000)
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(7,000,000)
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Developed technology
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(575,000)
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(900,000)
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Covenant not-to-compete
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(106,000)
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(200,000)
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Other
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(5,000)
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Net deferred tax liabilities
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(5,248,000)
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(8,100,000)
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Net deferred tax asset
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$
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12,124,000
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$
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8,827,000
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| Schedule Of Deferred Tax Amounts Classified In Balance Sheets |
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December 31,
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September 30,
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2017
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2017
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Long-term deferred tax asset - U.S.
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$
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3,579,000
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$
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282,000
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Long-term deferred tax asset - U.K.
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8,545,000
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8,545,000
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Total long-term deferred tax asset
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$
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12,124,000
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$
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8,827,000
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