Income Taxes (Tables)

12 Months Ended

Sep. 30, 2014

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets (liabilities) are comprised of the following at September 30:


	2014				2013
	Current		Long Term		Current		Long Term
Deferred assets (liabilities):
Tax effect of net operating loss carry-forward (includes $15,500 of charitable carry-forward)	$	0	$	2,830,000	$	0	$	2,733,000
Partnership basis difference		0		194,000		0		168,000
Deferred revenue		0		98,000		0		107,000
Property and equipment basis differences		0		409,000		0		400,000
Other accrued liability and asset difference		40,000		186,000		12,000		94,000
Net deferred tax assets		40,000		3,717,000		12,000		3,502,000
Less valuation allowance*		(40,000)		(3,717,000)		(12,000)		(3,502,000)
Net deferred tax assets	$	0	$	0	$	0	$	0

The valuation allowance increased by $243,000 during the year ended September 30, 2014.

Schedule of Income Tax Expense

Total income tax expense for the years ended 2014 and 2013 differed from the amounts computed by applying the U.S. Federal statutory tax rates to pre-tax income as follows:


	2014		2013
Total expense (benefit) computed by applying the U.S. Statutory rate (35%)	$	(242,000)	$	(240,000)
State income tax, net of federal tax benefit		(21,000)		(21,000)
Effect of change in valuation allowance		243,000		71,000
Permanent differences		51,000		29,000
Expiration of net operating loss carry-forward		1,000		149,000
Other		(32,000)		12,000

Provision for income taxes	$	0	$	0