Income Taxes (Tables)
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6 Months Ended |
Mar. 31, 2022 |
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| Income Taxes [Abstract] |
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| Reconciliation of Income Tax Expense (Benefit) |
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Three Months Ended |
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Six Months Ended |
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March 31, |
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March 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
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|
|
Income tax (benefit) expense at U.S. federal statutory rates |
$ |
(2,983,109) |
|
$ |
(593,101) |
|
$ |
(4,298,833) |
|
$ |
3,041,159 |
State income tax (benefit) expense, net of federal (benefit) expense |
|
(230,978) |
|
|
(45,923) |
|
|
(332,853) |
|
|
235,473 |
Non-deductible expenses |
|
102,733 |
|
|
— |
|
|
359,929 |
|
|
— |
Effect of stock options exercised |
|
— |
|
|
11,279 |
|
|
(23,350) |
|
|
(53,011) |
Effect of common stock purchase warrants exercised |
|
— |
|
|
— |
|
|
— |
|
|
(2,038,919) |
Effect of Paycheck Protection Program funds |
|
— |
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(26,340) |
|
|
— |
|
|
(122,226) |
U.S. research and development tax credit |
|
(913,000) |
|
|
— |
|
|
(2,876,430) |
|
|
— |
Effect of foreign income tax rates |
|
(9,677) |
|
|
4,993 |
|
|
(39,438) |
|
|
(27,577) |
Effect of global intangible low taxed income |
|
(75,278) |
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(55,388) |
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|
12,989 |
|
|
69,757 |
Change in valuation allowance |
|
4,043,065 |
|
|
727,034 |
|
|
7,132,661 |
|
|
(1,005,752) |
Other, net |
|
38,794 |
|
|
(864) |
|
|
152,530 |
|
|
1,088 |
Income tax (benefit) expense |
$ |
(27,450) |
|
$ |
21,690 |
|
$ |
87,205 |
|
$ |
99,992 |
|
| Significant Components of Deferred Tax Assets and Liabilities |
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March 31, |
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September 30, |
|
2022 |
|
2021 |
Deferred tax assets: |
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|
|
|
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Federal net operating loss carryforwards |
$ |
10,575,927 |
|
$ |
8,209,224 |
State net operating loss carryforwards |
|
1,837,652 |
|
|
1,646,827 |
Foreign net operating loss carryforwards – U.K. |
|
15,871,243 |
|
|
15,875,889 |
Foreign capital allowance – U.K. |
|
117,709 |
|
|
117,709 |
U.S. research and development tax credit carryforwards |
|
5,637,845 |
|
|
2,761,415 |
Share-based compensation |
|
2,874,945 |
|
|
2,071,838 |
Interest expense |
|
1,904,690 |
|
|
1,368,042 |
Change in fair value of derivative liabilities |
|
1,350,792 |
|
|
1,025,425 |
Other, net – U.K. |
|
83,344 |
|
|
83,344 |
Other, net – Malaysia |
|
100,133 |
|
|
100,654 |
Other, net – U.S. |
|
228,738 |
|
|
203,237 |
Gross deferred tax assets |
|
40,583,018 |
|
|
33,463,604 |
Valuation allowance for deferred tax assets |
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(26,712,672) |
|
|
(19,580,011) |
Net deferred tax assets |
|
13,870,346 |
|
|
13,883,593 |
Deferred tax liabilities: |
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|
|
|
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In-process research and development |
|
(882,427) |
|
|
(882,427) |
Covenant not-to-compete |
|
(25,589) |
|
|
(33,671) |
Other, net – U.S. |
|
(6,371) |
|
|
(6,371) |
Net deferred tax liabilities |
|
(914,387) |
|
|
(922,469) |
Net deferred tax asset |
$ |
12,955,959 |
|
$ |
12,961,124 |
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| Schedule of Deferred Tax Amounts Classified in Balance Sheets |
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March 31, |
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September 30, |
|
2022 |
|
2021 |
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|
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|
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Deferred tax asset – U.K. |
$ |
12,919,252 |
|
$ |
12,923,896 |
Deferred tax asset – Malaysia |
|
100,133 |
|
|
100,654 |
Total deferred tax asset |
$ |
13,019,385 |
|
$ |
13,024,550 |
|
|
|
|
|
|
Deferred tax liability – U.S. |
$ |
(63,426) |
|
$ |
(63,426) |
Total deferred tax liability |
$ |
(63,426) |
|
$ |
(63,426) |
|