Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.20.4
INCOME TAXES (Tables)
12 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
Schedule of actual income tax provision for continuing operations

The provision for income taxes consists of the following for the years ended September 30, 2020 and 2019:

 

    2020     2019  
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, 2020 and 2019, respectively:

 

    2020     2019  
Expected provision (based on statutory rate of 21%)   $ (507,379 )   $ (2,881,988 )
Effect of:                
Increase (decrease) in valuation allowance     2,399,698     2,879,685  
Non-Allowable (income) expenses     (233,063 )     500,638  
Rate change            
Prior year true-ups to return and other, net     (1,659,256 )     (498,335 )
Total actual provision   $     $  
Schedule of deferred income tax assets and liabilities

Deferred income tax assets and liabilities at September 30, 2020 and 2019, respectively, consist of the following:

 

    2020     2019  
DEFERRED TAX ASSETS (LIABILITIES)                
Net operating losses   $ 13,767,315     $ 10,295,547  
Exploration costs     (1,156,312 )     (1,110,135 )
Oil and natural gas leases     1,337,094       2,336,776  
IDC     (1,689,664 )     (1,215,096 )
Stock based compensation     666,202       567,406  
Accrued interest and expenses not paid     579,349       386,685  
Derivative financial instrument     224,816     69,120  
Differences in book/tax depreciation     10,392       9,191  
Net deferred tax asset   $ 13,739,192     $ 11,339,494  
Valuation allowance     (13,739,192 )     (11,339,494 )
NET DEFERRED TAXES   $     $