Quarterly report pursuant to Section 13 or 15(d)

Note 13 - Income Taxes

v3.24.2.u1
Note 13 - Income Taxes
 9 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

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

    

Nine Months Ended

  
   

June 30,

    

June 30,

  
   

2024

    

2023 (Restated)

    

2024

    

2023 (Restated)

  
                                 

Income tax benefit at U.S. federal statutory rates

   $ (2,269,355 )   $ (2,617,670 )   $ (6,089,752 )   $ (17,870,551 )

State income tax benefit, net of federal benefit

     (175,713 )     (202,682 )     (471,521 )     (1,383,691 )

Non-deductible expenses

     30,038       (262,005 )     291,056       185,564  

Effect of stock options exercised

     309       —       309       63,849  

U.S. research and development tax credit

     1,109,784       2,835,378       692,784       415,378  

Effect of foreign income tax rates

     5,041       406,324       (77,905 )     307,188  

Effect of global intangible low taxed income

     302,155       (24,691 )     302,155       (24,691 )

Change in valuation allowance

     1,157,182       (55,884 )     5,621,937       18,257,505  

Other, net

     2,981       (21,219 )     2,922       (27,837 )

Income tax expense (benefit)

   $ 162,422     $ 57,551     $ 271,985     $ (77,286 )