Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.24.1
Income Taxes
 3 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Income Taxes Note 13 – Income Taxes

The Company accounts for income taxes using the liability method, which requires the recognition of deferred tax assets or liabilities for the tax-effected temporary differences between the financial reporting and tax bases of its assets and liabilities, and for net operating loss (NOL) and tax credit carryforwards.

A reconciliation of income tax benefit and the amount computed by applying the U.S. statutory rate of 21% to loss before income taxes is as follows:

Three Months Ended

December 31,

2023

2022 (Restated)

Income tax benefit at U.S. federal statutory rates

$

(1,753,168)

$

(8,143,219)

State income tax benefit, net of federal benefit

(135,745)

(630,518)

Non-deductible expenses

89,410

113,456

Effect of stock options exercised

—

83,736

U.S. research and development tax credit

(170,000)

(1,090,000)

Effect of foreign income tax rates

(91,591)

(80,110)

Change in valuation allowance

1,988,678

9,678,495

Other, net

(23)

(118)

Income tax benefit

$

(72,439)

$

(68,278)