Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
12 Months Ended
Sep. 30, 2017
Income Taxes Tables  
Components of provision for income taxes
    Year Ended September 30,  
(In Thousands)   2017     2016  
Current expense (benefit):            
Federal   $ -     $ -  
State     126       3  
Total current expense (benefit):   $ 126     $ 3  
                 
Deferred expense (benefit):                
Federal   $ (5,549 )   $ -  
State     (595 )     -  
Total deferred expense (benefit):   $ (6,144 )   $ -  
                 
Total income tax expense (benefit):   $ (6,018 )   $ 3  
Schedule of effective income tax rate
    Year Ended September 30,  
(In Thousands)   2017     2016  
Income at US Statutory Rate   $ (2,853 )   $ 400  
State Taxes, net of Federal benefit     (633 )     56  
Tax Credits     (99 )        
Acquisition Related Costs     476          
Statutory Rate Changes     (571 )        
Valuation Allowance     (2,370 )     (456 )
Other     32          
    $ (6,018 )   $ -  
Summary of tax carryforwards
    Year Ended September 30,  
(In Thousands)   2017     2016  
             
Net Operating Losses   $ 8,177     $ 5,272  
Stock Options     881       512  
Allowance for Doubtful Accounts     958       67  
Accrued & Prepaid Expenses     911       48  
TaxCredit Carryforwards     171          
Other     -       61  
Total Deferred tax assets   $ 11,098     $ 5,960  
Intangibles   $ (10,308 )   $ (1,952 )
Depreciation     (110 )     -  
Total deferred tax liability   $ (10,418 )   $ (1,952 )
Deferred tax asset (liability)   $ 680     $ 4,008  
Valuation allowance     (1,638 )     (4,008 )
Net deferred tax asset (liability)   $ (958 )   $ -