Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

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Income Taxes
 6 Months Ended
Mar. 31, 2024
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 expense (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

Six Months Ended

March 31,

March 31,

2024

2023 (Restated)

2024

2023 (Restated)

Income tax benefit at U.S. federal statutory rates

$

(2,067,229)

$

(7,109,662)

$

(3,820,397)

$

(15,252,881)

State income tax benefit, net of federal benefit

(160,063)

(550,491)

(295,808)

(1,181,009)

Non-deductible expenses

171,608

334,113

261,018

447,569

Effect of stock options exercised

—

(19,887)

—

63,849

U.S. research and development tax credit

(247,000)

(1,330,000)

(417,000)

(2,420,000)

Effect of foreign income tax rates

8,645

(19,026)

(82,946)

(99,136)

Change in valuation allowance

2,476,077

8,634,894

4,464,755

18,313,389

Other, net

(36)

(6,500)

(59)

(6,618)

Income tax expense (benefit)

$

182,002

$

(66,559)

$

109,563

$

(134,837)