INCOME TAXES

3 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

INCOME TAXES

9. INCOME TAXES

The components of income taxes are as follows:

	Three months ended December 31,
	2018			2017
Federal
Current	$	267,020		$	162,194
Deferred		(62,807	)		(208,258	)
Total		204,213			(46,064	)
State
Current	$	86,889			12,728
Deferred		(14,102	)		1,217
Total		72,787			13,945
Total income tax expense	$	277,000		$	(32,119	)

The income tax effects of temporary differences giving rise to the deferred tax assets and liabilities are as follows:

	December 31,			September 30,
	2018			2018
Deferred income tax liabilities
Long-term
Property and equipment	$	(1,949,244	)	$	(2,023,641	)
Other		19,803			(4,639	)
Total deferred income tax liabilities-LT	$	(1,929,441	)	$	(2,028,280	)
Deferred income tax assets
Other		677,976			699,905
Total deferred income tax assets	$	677,976		$	699,905
Total net deferred income tax liabilities	$	(1,251,465	)	$	(1,328,375	)

The Tax Cuts and Jobs Act of 2017 (the “Act”) was enacted on December 22, 2017. Consequent to the passage of the Act, the Company’s deferred tax assets and liabilities were adjusted for the effects of the Act’s changes in the tax law and rates. For the year ended September 30, 2018, the Company realized approximately $588,000 in income tax benefits recorded to income tax expense to reflect the impact of the Act’s rate change on the Company’s net deferred tax assets.

The Company does not believe that it has any unrecognized tax benefits included in its consolidated financial statements that require recognition. The Company has not had any settlements in the current period with taxing authorities, nor has it recognized tax benefits as a result of a lapse of the applicable statute of limitations. The Company recognizes interest and penalties accrued related to unrecognized tax benefits, if applicable, in general and administrative expenses.