Income Taxes (Tables)
|
9 Months Ended |
Jun. 30, 2022 |
|---|
| Income Taxes [Abstract] |
|
| Reconciliation of Income Tax Expense (Benefit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
June 30, |
|
June 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit) expense at U.S. federal statutory rates |
$ |
(4,632,174) |
|
$ |
(1,168,845) |
|
$ |
(8,931,007) |
|
$ |
1,872,314 |
State income tax (benefit) expense, net of federal (benefit) expense |
|
(358,662) |
|
|
(90,502) |
|
|
(691,515) |
|
|
144,971 |
Non-deductible expenses |
|
(355,069) |
|
|
(2,807) |
|
|
4,860 |
|
|
(2,807) |
Effect of stock options exercised |
|
(147,570) |
|
|
53,011 |
|
|
(170,920) |
|
|
— |
Effect of common stock purchase warrants exercised |
|
— |
|
|
— |
|
|
— |
|
|
(2,038,919) |
Effect of Paycheck Protection Program funds |
|
— |
|
|
8,784 |
|
|
— |
|
|
(113,442) |
U.S. research and development tax credit |
|
(1,283,944) |
|
|
(919,415) |
|
|
(4,160,374) |
|
|
(919,415) |
Effect of foreign income tax rates |
|
366,493 |
|
|
(3,716,935) |
|
|
327,055 |
|
|
(3,744,512) |
Effect of global intangible low taxed income |
|
(12,989) |
|
|
78,626 |
|
|
— |
|
|
148,383 |
Change in valuation allowance |
|
6,504,878 |
|
|
2,834,482 |
|
|
13,637,539 |
|
|
1,828,730 |
Other, net |
|
56,640 |
|
|
50,538 |
|
|
209,170 |
|
|
51,626 |
Income tax expense (benefit) |
$ |
137,603 |
|
$ |
(2,873,063) |
|
$ |
224,808 |
|
$ |
(2,773,071) |
|
| Significant Components of Deferred Tax Assets and Liabilities |
|
|
|
|
|
|
|
June 30, |
|
September 30, |
|
2022 |
|
2021 |
Deferred tax assets: |
|
|
|
|
|
Federal net operating loss carryforwards |
$ |
14,771,226 |
|
$ |
8,209,224 |
State net operating loss carryforwards |
|
2,163,558 |
|
|
1,646,827 |
Foreign net operating loss carryforwards – U.K. |
|
15,861,787 |
|
|
15,875,889 |
Foreign capital allowance – U.K. |
|
117,709 |
|
|
117,709 |
U.S. research and development tax credit carryforwards |
|
6,921,789 |
|
|
2,761,415 |
Share-based compensation |
|
3,502,093 |
|
|
2,071,838 |
Interest expense |
|
2,124,706 |
|
|
1,368,042 |
Change in fair value of derivative liabilities |
|
1,151,454 |
|
|
1,025,425 |
Other, net – U.K. |
|
83,344 |
|
|
83,344 |
Other, net – Malaysia |
|
95,736 |
|
|
100,654 |
Other, net – U.S. |
|
276,602 |
|
|
203,237 |
Gross deferred tax assets |
|
47,070,004 |
|
|
33,463,604 |
Valuation allowance for deferred tax assets |
|
(33,217,550) |
|
|
(19,580,011) |
Net deferred tax assets |
|
13,852,454 |
|
|
13,883,593 |
Deferred tax liabilities: |
|
|
|
|
|
In-process research and development |
|
(882,427) |
|
|
(882,427) |
Covenant not-to-compete |
|
(21,549) |
|
|
(33,671) |
Other, net – U.S. |
|
(6,371) |
|
|
(6,371) |
Net deferred tax liabilities |
|
(910,347) |
|
|
(922,469) |
Net deferred tax asset |
$ |
12,942,107 |
|
$ |
12,961,124 |
|
| Schedule of Deferred Tax Amounts Classified in Balance Sheets |
|
|
|
|
|
|
|
June 30, |
|
September 30, |
|
2022 |
|
2021 |
|
|
|
|
|
|
Deferred tax asset – U.K. |
$ |
12,909,797 |
|
$ |
12,923,896 |
Deferred tax asset – Malaysia |
|
95,736 |
|
|
100,654 |
Total deferred tax asset |
$ |
13,005,533 |
|
$ |
13,024,550 |
|
|
|
|
|
|
Deferred tax liability – U.S. |
$ |
(63,426) |
|
$ |
(63,426) |
Total deferred tax liability |
$ |
(63,426) |
|
$ |
(63,426) |
|