Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.10.0.1
Income Tax (Tables)
12 Months Ended
Sep. 30, 2018
Income Tax  
Provision for income taxe
The components of the provision for income taxes is as follows:            
    Year Ended September 30,  
    2018     2017  
Current benefit:            
Federal   $ -       -  
State     (15 )     126  
Total current benefit:   $ (15 )     126  
                 
Deferred benefit:                
Federal   $ (898 )     (5,549 )
State     54       (595 )
Total deferred benefit:   $ (844 )     (6,144 )
                 
Total income tax benefit:   $ (859 )     (6,018 )
Reconciliation of income tax rate
A reconciliation of the Company’s statutory income tax rate to the Company’s effective income tax rate is as follows:
             
    Year Ended September 30,  
    2018     2017  
Income at US Statutory Rate   $ (2,064 )   $ (2,853 )
State Taxes, net of Federal benefit     (76 )     (633 )
Tax Credits     (176 )     (99 )
Acquisition Related Costs     (108 )     476  
Statutory Rate Changes     41       (571 )
Valuation Allowance     1,167       (2,370 )
Other     357       32  
    $ (859 )   $ (6,018 )
Net deferred income tax
The net deferred income tax asset balance related to the following:            
    Year Ended September 30,  
    2018     2017  
             
Net Operating Losses   $ 6,710     $ 8,177  
Stock Options     969       881  
Allowance for Doubtful Accounts     140       958  
Accrued & Prepaid Expenses     469       911  
Tax Credit Carryforwards     404       171  
Other     4       -  
Total Deferred tax assets   $ 8,696     $ 11,098  
Intangibles   $ (6,006 )   $ (10,308 )
Depreciation     (31 )     (110 )
Total deferred tax liability   $ (6,037 )   $ (10,418 )
Deferred tax asset   $ 2,659     $ 680  
Valuation allowance     (2,805 )     (1,638 )
Net deferred tax liability   $ (146 )   $ (958 )