Income Taxes (Tables)

12 Months Ended

Sep. 30, 2014

Components of the Net Deferred Tax (Liability)

Components of the net deferred tax asset (liability) at September 30, 2014 and 2013 are as follows:

		2014		2013
Deferred tax assets:
Reserve for other receivables	$	233,014		$	1,026,010
Accrued compensation		1,313,354			159,015
Stock compensation		3,011,369			1,269,020
Capitalized research and development		13,536,745			3,985,025
Fair value adjustments		1,864,364			749,030
Net operating losses		42,268,526			52,133,035
Total deferred tax assets		62,227,372			59,321,135
Valuation allowance		(55,224,802	)		(52,214,090	)
Deferred tax liabilities:
State taxes		(6,277,587	)		(5,042,010	)
Equity investments		(7,675	)		—
Intangible assets		(475,829	)		(1,521,015	)
Fixed assets		(241,479	)		(544,020	)
Total deferred tax liability		(7,002,570	)		(7,107,045	)
Net deferred tax assets	$	—		$	—

Provision for Income Taxes

The provision for income taxes for the years ended September 30, 2014 and 2013 are as follows:

	2014		2013
Federal:
Current		—		—
Deferred		—		—
Total Federal		—		—
State:
Current	$	5,300		—
Deferred		—		—
Total State	$	5,300		—
Provision from income taxes	$	5,300		—

Summary of Effective Income Tax Rate Reconciliation

The Company’s effective income tax rate differs from the statutory federal income tax rate as follows for the years ended September 30, 2014 and 2013:

	2014		2013
At U.S. federal statutory rate	34.0	%		34.0	%
State taxes, net of federal effect	7.6			10.3
Stock compensation	(0.1	)		(1.1	)
Mark-to-market adjustments	(3.5	)		(5.8
Other permanent items	(0.1	)		(0.0	)
Valuation allowance	(5.2	)		(37.4	)
Write-off of net operating losses	(32.7	)		(0.0	)
Effective income tax rate	0.0	%		0.0	%