Quarterly report pursuant to Section 13 or 15(d)

11. Income Taxes

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11. Income Taxes
6 Months Ended
Mar. 31, 2016
Income Tax Disclosure [Abstract]  
Income Taxes

At March 31, 2016, the Company maintained a valuation allowance against its deferred tax assets. The Company determined that a 100% valuation allowance was necessary at March 31, 2016.

 

For the period from October 1, 2015 to November 30, 2015, Marquis Industries, Inc. and subsidiaries is required to file a separate income return, and therefore, the income generated by these subsidiaries cannot be offset against the Company’s net operating losses. Income tax expense for the six months ended March 31, 2016 for Marquis Industries, Inc. was $413,980.