| Reconciliation Of Income Tax Expense (Benefit) |
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Three Months Ended
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Nine Months Ended
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June 30,
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June 30,
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2017
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2016
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2017
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2016
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Income tax (benefit) expense at statutory rates
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$
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(442,000)
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$
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273,000
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$
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(1,971,000)
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$
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1,064,000
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State income tax (benefit) expense, net of federal benefits
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(66,000)
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46,000
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(295,000)
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165,000
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Non-deductible business acquisition expenses
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29,000
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1,000
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182,000
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4,000
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Non-deductible expenses - other
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10,000
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—
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14,000
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—
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Effect of AMT expense
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—
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(7,000)
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—
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20,000
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Effect of lower foreign income tax rates
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(12,955)
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(103,442)
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189,422
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(258,215)
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Other
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(27,758)
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21,653
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16,763
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38,055
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Income tax (benefit) expense
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$
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(509,713)
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$
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231,211
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$
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(1,863,815)
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$
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1,032,840
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| Significant Components Of Deferred Tax Assets And Liabilities |
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June 30,
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September 30,
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Deferred Tax Assets
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2017
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2016
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Federal net operating loss carryforwards
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$
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5,453,454
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$
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2,756,000
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State net operating loss carryforwards
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594,777
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400,000
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AMT credit carryforward
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489,000
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489,000
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Foreign net operating loss carryforwards – U.K.
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11,213,096
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10,955,000
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Foreign capital allowance – U.K.
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112,000
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112,000
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Other, net - Malaysia
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9,850
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9,850
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Restricted stock – U.K.
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1,000
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1,000
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Share-based compensation
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127,402
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101,000
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Warrants
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212,367
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—
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Deemed dividend - Malaysia
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942,000
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942,000
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Other, net - U.S.
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25,000
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25,000
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Gross deferred tax assets
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19,179,946
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15,790,850
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Valuation allowance for deferred tax assets
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(2,299,000)
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(2,299,000)
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Net deferred tax assets
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16,880,946
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13,491,850
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Deferred Tax Liabilities:
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Intangible assets
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(8,204,000)
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—
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Foreign capital allowance – Malaysia
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(115,616)
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(119,919)
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Gross deferred tax liabilities
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(8,319,616)
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(119,919)
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Net deferred tax assets
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$
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8,561,330
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$
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13,371,931
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| Schedule Of Deferred Tax Amounts Classified In Balance Sheets |
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June 30,
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September 30,
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2017
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2016
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Long term deferred assets
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$
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9,027,096
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$
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13,482,000
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Long term deferred liabilities
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(465,766)
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(110,069)
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Total
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$
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8,561,330
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$
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13,371,931
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