Income Taxes (Tables)
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6 Months Ended |
Mar. 31, 2023 |
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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, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
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|
Income tax benefit at U.S. federal statutory rates |
$ |
(8,160,487) |
|
$ |
(2,983,109) |
|
$ |
(15,911,684) |
|
$ |
(4,298,833) |
State income tax benefit, net of federal benefit |
|
(631,855) |
|
|
(230,978) |
|
|
(1,232,019) |
|
|
(332,853) |
Non-deductible expenses |
|
334,113 |
|
|
102,733 |
|
|
447,569 |
|
|
359,929 |
Effect of stock options exercised |
|
(19,887) |
|
|
— |
|
|
63,849 |
|
|
(23,350) |
U.S. research and development tax credit |
|
(1,330,000) |
|
|
(913,000) |
|
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(2,420,000) |
|
|
(2,876,430) |
Effect of foreign income tax rates |
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(19,026) |
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(9,677) |
|
|
(99,136) |
|
|
(39,438) |
Effect of global intangible low taxed income |
|
— |
|
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(75,278) |
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|
— |
|
|
12,989 |
Change in valuation allowance |
|
9,767,083 |
|
|
4,043,065 |
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|
19,023,202 |
|
|
7,132,661 |
Other, net |
|
(6,500) |
|
|
38,794 |
|
|
(6,618) |
|
|
152,530 |
Income tax (benefit) expense |
$ |
(66,559) |
|
$ |
(27,450) |
|
$ |
(134,837) |
|
$ |
87,205 |
|
| Significant Components of Deferred Tax Assets and Liabilities |
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|
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March 31, |
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September 30, |
|
2023 |
|
2022 |
Deferred tax assets: |
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|
|
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Federal net operating loss carryforwards |
$ |
28,569,803 |
|
$ |
23,627,461 |
State net operating loss carryforwards |
|
3,233,713 |
|
|
2,850,956 |
Foreign net operating loss carryforwards – U.K. |
|
16,003,790 |
|
|
15,773,497 |
Foreign capital allowance – U.K. |
|
128,490 |
|
|
128,490 |
U.S. research and development tax credit carryforwards |
|
10,901,789 |
|
|
8,481,789 |
U.S. research and development expense |
|
8,228,433 |
|
|
— |
Accrued compensation |
|
622,992 |
|
|
1,227,290 |
Share-based compensation |
|
5,981,261 |
|
|
4,325,354 |
Interest expense |
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2,463,631 |
|
|
2,206,484 |
Change in fair value of derivative liabilities |
|
100,687 |
|
|
220,607 |
Other, net – U.K. |
|
265,631 |
|
|
265,631 |
Other, net – Malaysia |
|
4,979 |
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|
— |
Other, net – U.S. |
|
970,352 |
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|
81,507 |
Gross deferred tax assets |
|
77,475,551 |
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|
59,189,066 |
Valuation allowance for deferred tax assets |
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(64,395,654) |
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(45,372,452) |
Net deferred tax assets |
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13,079,897 |
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|
13,816,614 |
Deferred tax liabilities: |
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In-process research and development |
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— |
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|
(882,427) |
Covenant not-to-compete |
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(9,428) |
|
|
(17,508) |
Other, net - Malaysia |
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— |
|
|
(17,641) |
Other, net – U.S. |
|
— |
|
|
(14,120) |
Net deferred tax liabilities |
|
(9,428) |
|
|
(931,696) |
Net deferred tax asset |
$ |
13,070,469 |
|
$ |
12,884,918 |
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| Schedule of Deferred Tax Amounts Classified in Balance Sheets |
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March 31, |
|
September 30, |
|
2023 |
|
2022 |
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Deferred tax asset – U.K. |
$ |
13,065,490 |
|
$ |
12,965,985 |
Deferred tax asset – Malaysia |
|
4,979 |
|
|
— |
Total deferred tax asset |
$ |
13,070,469 |
|
$ |
12,965,985 |
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|
|
|
|
|
Deferred tax liability – U.S. |
$ |
— |
|
$ |
(63,426) |
Deferred tax liability – Malaysia |
|
— |
|
|
(17,641) |
Total deferred tax liability |
$ |
— |
|
$ |
(81,067) |
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