Income Taxes (Tables) |
3 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Income Taxes [Abstract] | |
| Reconciliation of Income Tax Expense (Benefit) | Three Months Ended December 31, 2021 2020 Income tax (benefit) expense at U.S. federal statutory rates$ (1,315,724) $ 3,634,260State income tax (benefit) expense, net of federal (benefit) expense (101,875) 281,396Non-deductible expenses 257,196 —Effect of stock options exercised (23,350) (64,290)Effect of common stock purchase warrants exercised — (2,038,919)Effect of Paycheck Protection Program funds — (95,886)U.S. research and development tax credit (1,963,430) —Effect of foreign income tax rates (29,761) (32,570)Effect of global intangible low taxed income 88,267 125,145Change in valuation allowance 3,089,596 (1,732,786)Other, net 113,736 1,952Income tax expense$ 114,655 $ 78,302 |
| Significant Components of Deferred Tax Assets and Liabilities | December 31, September 30, 2021 2021Deferred tax assets: Federal net operating loss carryforwards$ 8,615,379 $ 8,209,224State net operating loss carryforwards 1,690,488 1,646,827Foreign net operating loss carryforwards – U.K. 15,782,126 15,875,889Foreign capital allowance – U.K. 117,709 117,709U.S. research and development tax credit carryforwards 4,724,845 2,761,415Share-based compensation 2,417,046 2,071,838Interest expense 1,630,267 1,368,042Change in fair value of derivative liabilities 1,072,714 1,025,425Other, net – U.K. 83,344 83,344Other, net – Malaysia 100,995 100,654Other, net – U.S. 220,825 203,237Gross deferred tax assets 36,455,738 33,463,604Valuation allowance for deferred tax assets (22,669,607) (19,580,011)Net deferred tax assets 13,786,131 13,883,593Deferred tax liabilities: In-process research and development (882,427) (882,427)Covenant not-to-compete (29,630) (33,671)Other, net – U.S. (6,371) (6,371)Net deferred tax liabilities (918,428) (922,469)Net deferred tax asset$ 12,867,703 $ 12,961,124 |
| Schedule of Deferred Tax Amounts Classified in Balance Sheets | December 31, September 30, 2021 2021 Deferred tax asset – U.K.$ 12,830,135 $ 12,923,896Deferred tax asset – Malaysia 100,994 100,654Total deferred tax asset$ 12,931,129 $ 13,024,550 Deferred tax liability – U.S.$ (63,426) $ (63,426)Total deferred tax liability $ (63,426) $ (63,426) |