Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
12 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Schedule of actual income tax provision for continuing operations

The provision for income taxes consists of the following as of September 30, 2018 and 2017:

  

      9/30/2018       9/30/2017  
FEDERAL                
Current   $     $  
Deferred            
STATE                
Current            
Deferred            
TOTAL PROVISION   $     $

Schedule of provision for income taxes

The difference between the actual income tax provision versus tax computed at the statutory rate is as follows for the years ended September 30, 2018 and 2017, respectively:

 

    9/30/2018     9/30/2017  
Expected provision (based on statutory rate of 21% in 2018 and 15% in 2017)   $ (553,714 )   $ (854,152 )
Effect of:                
Increase in valuation allowance     2,696,631       732,562  
Non-deductible expense     53,493       121,590  
Rate Change     (2,305,270 )      
Other, net     108,860        
Total actual provision   $     $  

 

Schedule of deferred income tax assets and liabilities

Deferred income tax assets and liabilities at September 30, 2018 and 2017 consist of the following:

 

    9/30/2018     9/30/2017  
DEFERRED TAX ASSETS (LIABILITIES)                
Net operating losses   $ 7,131,636     $ 5,611,276  
Exploration costs     (1,503,472 )     (931,289 )
Oil and natural gas leases     2,192,654       691,336  
Stock based compensation     411,287       138,278  
Accrued interest and expenses not paid     271,190       246,360  
Derivative financial instrument     (57,059 )      
Differences in book/tax depreciation     13,573       7,215  
Net deferred tax asset   $ 8,459,809     $ 5,763,176  
Valuation allowance     (8,459,809 )     (5,763,176 )
NET DEFERRED TAXES   $     $