Income Taxes (Tables) |
12 Months Ended |
|---|---|
Sep. 30, 2021 | |
| Income Taxes [Abstract] | |
| Schedule of Income Before Income Taxes by Jurisdictions | 2021 2020 Domestic$ 4,822,626 $ (20,008,999)Foreign (557,390) (42,977)Total$ 4,265,236 $ (20,051,976) |
| Reconciliation of Income Tax Expense (Benefit) | 2021 2020 Amount Tax Rate Amount Tax RateIncome tax expense (benefit) at U.S. federal statutory rates$ 895,699 21.0% $ (4,210,916) 21.0%State income tax expense (benefit), net of federal benefits 69,353 1.6 (326,045) 1.6 Effect of change in U.K. tax rate (3,746,247) (87.8) (1,337,263) 6.7 Non-deductible expenses – other 137,003 3.2 114,699 (0.6) U.S. research and development tax credit (2,761,415) (64.7) — — Effect of foreign income tax rates 461,177 10.8 238,645 (1.2) Effect of common stock options and warrants exercised (3,848,412) (90.2) — — Effect of Paycheck Protection Program funds (113,442) (2.7) — — Effect of global intangible low-taxed income 219,167 5.1 143,219 (0.7) Change in valuation allowance 5,505,271 129.1 4,244,531 (21.2) Other, net 52,708 1.2 54,689 (0.2) Income tax benefit$ (3,129,138) (73.4)% $ (1,078,441) 5.4% |
| Summary of Federal and State Income Tax Provision (Benefit) | 2021 2020 Deferred – U.S.$ — $ (229,313)Deferred – U.K. (3,457,096) (1,033,131)Deferred – Malaysia (111,952) 7,432Subtotal (3,569,048) (1,255,012) Current – U.S. 51,880 (10,484)Current – Malaysia 388,030 187,055Subtotal 439,910 176,571 Income tax benefit$ (3,129,138) $ (1,078,441) |
| Significant Components of Deferred Tax Assets and Liabilities | 2021 2020Deferred tax assets: Federal net operating loss carryforwards$ 8,209,224 $ 8,759,589State net operating loss carryforwards 1,646,827 1,682,104Foreign net operating loss carryforwards – U.K. 15,875,889 11,655,853Foreign capital allowance – U.K. 117,709 113,522U.K. bad debts 2,500 1,900Share-based compensation – U.K. 80,844 91,839U.S. research and development tax credit carryforward 2,761,415 —U.S. deferred rent 31,034 40,236Share-based compensation 2,071,838 1,255,983Interest expense 1,368,042 850,248Change in fair value of derivative liability 1,025,425 195,265Other, net – Malaysia 100,654 —Other, net – U.S. 172,203 139,441Gross deferred tax assets 33,463,604 24,785,980Valuation allowance for deferred tax assets (19,580,011) (14,074,740)Net deferred tax assets 13,883,593 10,711,240Deferred tax liabilities: In process research and development (882,427) (882,427)Developed technology — (369,237)Covenant not-to-compete (33,671) (49,832)Other, net – Malaysia — (11,297)Other (6,371) (6,371)Net deferred tax liabilities (922,469) (1,319,164)Net deferred tax asset$ 12,961,124 $ 9,392,076 |
| Schedule of Deferred Tax Amounts Classified in Balance Sheets | 2021 2020 Long-term deferred tax asset – U.K.$ 12,923,896 $ 9,466,800Long-term deferred tax asset – Malaysia 100,654 —Total long-term deferred tax asset$ 13,024,550 $ 9,466,800 Long-term deferred tax liability – U.S.$ (63,426) $ (63,427)Long-term deferred tax liability – Malaysia — (11,297)Total long-term deferred tax liability $ (63,426) $ (74,724) |