Income Taxes (Tables)
|
12 Months Ended |
Sep. 30, 2022 |
|---|
| Income Taxes [Abstract] |
|
| Schedule of (Loss) Income Before Income Taxes by Jurisdiction |
|
|
|
|
|
|
|
2022 |
|
2021 |
|
|
|
|
|
|
Domestic |
$ |
(82,186,464) |
|
$ |
4,822,626 |
Foreign |
|
(1,353,159) |
|
|
(557,390) |
Total |
$ |
(83,539,623) |
|
$ |
4,265,236 |
|
| Reconciliation of Income Tax Expense (Benefit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
Amount |
|
Tax Rate |
|
Amount |
|
Tax Rate |
Income tax (benefit) expense at U.S. federal statutory rates |
$ |
(17,543,321) |
|
21.0 |
% |
|
$ |
895,699 |
|
21.0 |
% |
State income tax (benefit) expense, net of federal benefits |
|
(1,358,354) |
|
1.6 |
|
|
|
69,353 |
|
1.6 |
|
Effect of change in U.K. tax rate |
|
— |
|
— |
|
|
|
(3,746,247) |
|
(87.8) |
|
Non-deductible expenses – other |
|
76,913 |
|
(0.1) |
|
|
|
137,003 |
|
3.2 |
|
U.S. research and development tax credit |
|
(5,720,374) |
|
6.9 |
|
|
|
(2,761,415) |
|
(64.7) |
|
Effect of foreign income tax rates |
|
409,048 |
|
(0.5) |
|
|
|
461,177 |
|
10.8 |
|
Effect of common stock options and warrants exercised |
|
(1,580,756) |
|
1.9 |
|
|
|
(3,848,412) |
|
(90.2) |
|
Effect of Paycheck Protection Program funds |
|
— |
|
— |
|
|
|
(113,442) |
|
(2.7) |
|
Effect of global intangible low-taxed income |
|
24,691 |
|
(0.0) |
|
|
|
219,167 |
|
5.1 |
|
Change in valuation allowance |
|
25,792,441 |
|
(30.9) |
|
|
|
5,505,271 |
|
129.1 |
|
Other, net |
|
136,109 |
|
(0.2) |
|
|
|
52,708 |
|
1.2 |
|
Income tax expense (benefit) |
$ |
236,397 |
|
(0.3) |
% |
|
$ |
(3,129,138) |
|
(73.4) |
% |
|
| Summary of Federal and State Income Tax Provision (Benefit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
|
|
|
|
|
Deferred – U.K. |
$ |
(42,089) |
|
$ |
(3,457,096) |
Deferred – Malaysia |
|
118,295 |
|
|
(111,952) |
Subtotal |
|
76,206 |
|
|
(3,569,048) |
|
|
|
|
|
|
Current – U.S. |
|
126,079 |
|
|
51,880 |
Current – Malaysia |
|
34,112 |
|
|
388,030 |
Subtotal |
|
160,191 |
|
|
439,910 |
|
|
|
|
|
|
Income tax benefit |
$ |
236,397 |
|
$ |
(3,129,138) |
|
| Significant Components of Deferred Tax Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
2021 |
Deferred tax assets: |
|
|
|
Federal net operating loss carryforwards |
$ |
23,627,461 |
|
$ |
8,209,224 |
State net operating loss carryforwards |
|
2,850,956 |
|
|
1,646,827 |
Foreign net operating loss carryforwards – U.K. |
|
15,773,497 |
|
|
15,875,889 |
Foreign capital allowance – U.K. |
|
128,490 |
|
|
117,709 |
U.K. bad debts |
|
— |
|
|
2,500 |
Share-based compensation – U.K. |
|
265,631 |
|
|
80,844 |
U.S. research and development tax credit carryforward |
|
8,481,789 |
|
|
2,761,415 |
U.S. deferred rent |
|
81,507 |
|
|
31,034 |
Accrued compensation |
|
1,227,290 |
|
|
156,121 |
Share-based compensation |
|
4,325,354 |
|
|
2,071,838 |
Interest expense |
|
2,206,484 |
|
|
1,368,042 |
Change in fair value of derivative liability |
|
220,607 |
|
|
1,025,425 |
Other, net – Malaysia |
|
— |
|
|
100,654 |
Other, net – U.S. |
|
— |
|
|
16,082 |
Gross deferred tax assets |
|
59,189,066 |
|
|
33,463,604 |
Valuation allowance for deferred tax assets |
|
(45,372,452) |
|
|
(19,580,011) |
Net deferred tax assets |
|
13,816,614 |
|
|
13,883,593 |
Deferred tax liabilities: |
|
|
|
|
|
In process research and development |
|
(882,427) |
|
|
(882,427) |
Covenant not-to-compete |
|
(17,508) |
|
|
(33,671) |
Other, net – Malaysia |
|
(17,641) |
|
|
— |
Other |
|
(14,120) |
|
|
(6,371) |
Net deferred tax liabilities |
|
(931,696) |
|
|
(922,469) |
Net deferred tax asset |
$ |
12,884,918 |
|
$ |
12,961,124 |
|
| Schedule of Deferred Tax Amounts Classified in Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
|
|
|
|
|
Long-term deferred tax asset – U.K. |
$ |
12,965,985 |
|
$ |
12,923,896 |
Long-term deferred tax asset – Malaysia |
|
— |
|
|
100,654 |
Total long-term deferred tax asset |
$ |
12,965,985 |
|
$ |
13,024,550 |
|
|
|
|
|
|
Long-term deferred tax liability – U.S. |
$ |
(63,426) |
|
$ |
(63,426) |
Long-term deferred tax liability – Malaysia |
|
(17,641) |
|
|
— |
Total long-term deferred tax liability |
$ |
(81,067) |
|
$ |
(63,426) |
|