Annual report pursuant to section 13 and 15(d)

DEFERRED TAX ASSETS (Tables)

v2.4.0.6
DEFERRED TAX ASSETS (Tables)
12 Months Ended
Sep. 30, 2012
DEFERRED TAX ASSETS [Abstract]  
Schedule of Net Deferred Income Tax Assets (Liabilities)

2012

 

 

2011

 

 

 

 

 

 

 

 

 

 

Consolidated NOL carryover

 

$

8,451,000

 

 

$

7,207,000

 

                 

Deferred tax asset from NOL carryover

arising from current net effective tax rate

 

$

3,295,000

 

 

$

2,810,000

 

Net deferred income tax asset

 

 

3,295,000

 

 

 

2,810,000

 

Less: valuation allowance

 

 

(3,295,000)

 

 

 

(2,810,000)

 

Total deferred income tax assets

 

$

0.00

 

 

$

0

 


Reconciliation of Federal and State Income Tax Rate


                 

 

 

2012

 

 

2011

 

 

 

 

 

 

 

 

 

 

Federal statutory income tax rate

 

 

34.0%

 

 

 

34.0%

 

State taxes, net of federal benefit

 

 

5.0

 

 

 

5.0%

 

Effective rate for deferred tax asset

 

 

39.0%

 

 

 

39.0%

 

Less: Valuation allowance

 

 

(39.0%)

 

 

 

(39.0%)

 

Effective income tax rate

 

 

0.0%

 

 

 

0.0%