Income Taxes (Tables)
|
12 Months Ended |
Sep. 30, 2023 |
|---|
| Income Taxes [Abstract] |
|
| Schedule of (Loss) Income Before Income Taxes by Jurisdiction |
|
|
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
Domestic |
$ |
(90,522,387) |
|
$ |
(82,451,062) |
Foreign |
|
(2,150,099) |
|
|
(1,353,159) |
Total |
$ |
(92,672,486) |
|
$ |
(83,804,221) |
|
| Reconciliation of Income Tax Expense (Benefit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Amount |
|
Tax Rate |
|
Amount |
|
Tax Rate |
Income tax benefit at U.S. federal statutory rates |
$ |
(19,461,222) |
|
21.0 |
% |
|
$ |
(17,598,886) |
|
21.0 |
% |
State income tax benefit, net of federal benefits |
|
(1,506,855) |
|
1.6 |
|
|
|
(1,362,657) |
|
1.6 |
|
Non-deductible expenses |
|
330,281 |
|
(0.3) |
|
|
|
76,913 |
|
(0.1) |
|
U.S. research and development tax credit |
|
178,378 |
|
(0.2) |
|
|
|
(5,720,374) |
|
6.9 |
|
Effect of foreign income tax rates |
|
454,808 |
|
(0.5) |
|
|
|
409,048 |
|
(0.5) |
|
Effect of common stock options exercised |
|
180,847 |
|
(0.2) |
|
|
|
(1,580,756) |
|
1.9 |
|
Effect of global intangible low-taxed income |
|
(24,691) |
|
(0.0) |
|
|
|
24,691 |
|
(0.0) |
|
Change in valuation allowance |
|
20,205,808 |
|
(21.8) |
|
|
|
25,852,309 |
|
(30.9) |
|
Other, net |
|
122,852 |
|
(0.1) |
|
|
|
136,109 |
|
(0.2) |
|
Income tax expense |
$ |
480,206 |
|
(0.5) |
% |
|
$ |
236,397 |
|
(0.3) |
% |
|
| Summary of Federal and State Income Tax Provision (Benefit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
Deferred – U.S. |
$ |
(63,426) |
|
$ |
— |
Deferred – U.K. |
|
262,612 |
|
|
(42,089) |
Deferred – Malaysia |
|
(21,687) |
|
|
118,295 |
Subtotal |
|
177,499 |
|
|
76,206 |
|
|
|
|
|
|
Current – U.S. |
|
(8,624) |
|
|
126,079 |
Current – Malaysia |
|
311,331 |
|
|
34,112 |
Subtotal |
|
302,707 |
|
|
160,191 |
|
|
|
|
|
|
Income tax expense |
$ |
480,206 |
|
$ |
236,397 |
|
| Significant Components of Deferred Tax Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
Deferred tax assets: |
|
|
|
Federal net operating loss carryforwards |
$ |
29,100,871 |
|
$ |
23,216,138 |
State net operating loss carryforwards |
|
3,322,715 |
|
|
2,819,107 |
Foreign net operating loss carryforwards – U.K. |
|
15,749,809 |
|
|
15,773,497 |
Foreign capital allowance – U.K. |
|
174,748 |
|
|
128,490 |
Share-based compensation – U.K. |
|
217,821 |
|
|
265,631 |
U.S. research and development tax credit carryforward |
|
8,303,411 |
|
|
8,481,789 |
U.S. research and development expense |
|
9,771,166 |
|
|
— |
Accrued compensation |
|
190,397 |
|
|
1,227,290 |
Share-based compensation |
|
7,896,221 |
|
|
4,325,354 |
Interest expense |
|
2,602,890 |
|
|
2,206,484 |
U.S. credit loss provision |
|
885,562 |
|
|
— |
Change in fair value of derivative liability |
|
— |
|
|
220,607 |
Other, net – Malaysia |
|
4,046 |
|
|
— |
Other, net – U.K. |
|
2,500 |
|
|
— |
Other, net – U.S. |
|
71,509 |
|
|
81,507 |
Gross deferred tax assets |
|
78,293,666 |
|
|
58,745,894 |
Valuation allowance for deferred tax assets |
|
(65,135,088) |
|
|
(44,929,280) |
Net deferred tax assets |
|
13,158,578 |
|
|
13,816,614 |
Deferred tax liabilities: |
|
|
|
|
|
Change in fair value of derivative liability |
|
(449,812) |
|
|
— |
In process research and development |
|
— |
|
|
(882,427) |
Covenant not-to-compete |
|
(1,347) |
|
|
(17,508) |
Other, net – Malaysia |
|
— |
|
|
(17,641) |
Other |
|
— |
|
|
(14,120) |
Net deferred tax liabilities |
|
(451,159) |
|
|
(931,696) |
Net deferred tax asset |
$ |
12,707,419 |
|
$ |
12,884,918 |
|
| Schedule of Deferred Tax Amounts Classified in Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
Long-term deferred tax asset – U.K. |
$ |
12,703,373 |
|
$ |
12,965,985 |
Long-term deferred tax asset – Malaysia |
|
4,046 |
|
|
— |
Total long-term deferred tax asset |
$ |
12,707,419 |
|
$ |
12,965,985 |
|
|
|
|
|
|
Long-term deferred tax liability – U.S. |
$ |
— |
|
$ |
(63,426) |
Long-term deferred tax liability – Malaysia |
|
— |
|
|
(17,641) |
Total long-term deferred tax liability |
$ |
— |
|
$ |
(81,067) |
|