Annual report pursuant to Section 13 and 15(d)

DEFERRED INCOME TAXES (Tables)

v2.4.1.9
DEFERRED INCOME TAXES (Tables)
12 Months Ended
Sep. 30, 2014
DEFERRED INCOME TAXES [Abstract]  
Schedule of Net Deferred Income Tax Assets (Liabilities)
Significant components of the Company's net deferred income tax assets (liabilities) are:  
Reconciliation of Federal and State Income Tax Rate

A reconciliation of the Federal and respective State income tax rate as a percentage of income before taxes is as follows:

 

   

2014

 

2013

 
                     

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%