Note 14 - Income Taxes (Tables)
|
12 Months Ended |
Sep. 30, 2024 |
|---|
| Notes Tables |
|
| Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] |
| |
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
| Domestic |
|
$ |
(37,791,920 |
) |
|
$ |
(90,522,387 |
) |
| Foreign |
|
|
715,595 |
|
|
|
(2,150,099 |
) |
| Total |
|
$ |
(37,076,325 |
) |
|
$ |
(92,672,486 |
) |
|
| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
| |
|
2024 |
|
|
2023 |
|
| |
|
Amount |
|
|
Tax Rate |
|
|
Amount |
|
|
Tax Rate |
|
| Income tax benefit at U.S. federal statutory rates |
|
$ |
(7,786,028 |
) |
|
|
21.0 |
% |
|
$ |
(19,461,222 |
) |
|
|
21.0 |
% |
| State income tax benefit, net of federal benefits |
|
|
(602,861 |
) |
|
|
1.6 |
|
|
|
(1,506,855 |
) |
|
|
1.6 |
|
| Non-deductible expenses |
|
|
200,233 |
|
|
|
(0.5 |
) |
|
|
330,281 |
|
|
|
(0.3 |
) |
| U.S. research and development tax credit |
|
|
655,526 |
|
|
|
(1.8 |
) |
|
|
178,378 |
|
|
|
(0.2 |
) |
| Effect of foreign income tax rates |
|
|
292,970 |
|
|
|
(0.8 |
) |
|
|
454,808 |
|
|
|
(0.5 |
) |
| Effect of common stock options exercised |
|
|
13,339 |
|
|
|
0.0 |
|
|
|
180,847 |
|
|
|
(0.2 |
) |
| Effect of global intangible low-taxed income |
|
|
500,613 |
|
|
|
(1.4 |
) |
|
|
(24,691 |
) |
|
|
(0.0 |
) |
| Change in valuation allowance |
|
|
7,367,014 |
|
|
|
(19.9 |
) |
|
|
20,205,808 |
|
|
|
(21.8 |
) |
| Other, net |
|
|
84,295 |
|
|
|
(0.2 |
) |
|
|
122,852 |
|
|
|
(0.1 |
) |
| Income tax expense |
|
$ |
725,101 |
|
|
|
(2.0 |
)% |
|
$ |
480,206 |
|
|
|
(0.5 |
)% |
|
| Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
| |
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
| Deferred – U.S. |
|
$ |
— |
|
|
$ |
(63,426 |
) |
| Deferred – U.K. |
|
|
423,127 |
|
|
|
262,612 |
|
| Deferred – Malaysia |
|
|
(55,945 |
) |
|
|
(21,687 |
) |
| Subtotal |
|
|
367,182 |
|
|
|
177,499 |
|
| |
|
|
|
|
|
|
|
|
| Current – U.S. |
|
|
— |
|
|
|
(8,624 |
) |
| Current – Malaysia |
|
|
357,919 |
|
|
|
311,331 |
|
| Subtotal |
|
|
357,919 |
|
|
|
302,707 |
|
| |
|
|
|
|
|
|
|
|
| Income tax expense |
|
$ |
725,101 |
|
|
$ |
480,206 |
|
|
| Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
| |
|
2024 |
|
|
2023 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Federal net operating loss carryforwards |
|
$ |
34,485,560 |
|
|
$ |
29,100,871 |
|
| State net operating loss carryforwards |
|
|
3,662,406 |
|
|
|
3,322,715 |
|
| Foreign net operating loss carryforwards – U.K. |
|
|
15,303,535 |
|
|
|
15,749,809 |
|
| Foreign capital allowance – U.K. |
|
|
184,779 |
|
|
|
174,748 |
|
| Share-based compensation – U.K. |
|
|
299,868 |
|
|
|
217,821 |
|
| U.S. research and development tax credit carryforward |
|
|
7,647,885 |
|
|
|
8,303,411 |
|
| U.S. research and development expense |
|
|
8,969,277 |
|
|
|
9,771,166 |
|
| Accrued compensation |
|
|
911,277 |
|
|
|
190,397 |
|
| Share-based compensation |
|
|
10,198,368 |
|
|
|
7,896,221 |
|
| Interest expense |
|
|
2,241,652 |
|
|
|
2,602,890 |
|
| U.S. credit loss provision |
|
|
885,562 |
|
|
|
885,562 |
|
| Other, net – Malaysia |
|
|
59,992 |
|
|
|
4,046 |
|
| Other, net – U.K. |
|
|
2,500 |
|
|
|
2,500 |
|
| Other, net – U.S. |
|
|
385,414 |
|
|
|
71,509 |
|
| Gross deferred tax assets |
|
|
85,238,075 |
|
|
|
78,293,666 |
|
| Valuation allowance for deferred tax assets |
|
|
(72,502,102 |
) |
|
|
(65,135,088 |
) |
| Net deferred tax assets |
|
|
12,735,973 |
|
|
|
13,158,578 |
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Change in fair value of derivative liability |
|
|
(395,736 |
) |
|
|
(449,812 |
) |
| Covenant not-to-compete |
|
|
— |
|
|
|
(1,347 |
) |
| Net deferred tax liabilities |
|
|
(395,736 |
) |
|
|
(451,159 |
) |
| Net deferred tax asset |
|
$ |
12,340,237 |
|
|
$ |
12,707,419 |
|
|
| Schedule of Deferred Tax Balance Sheet Classification [Table Text Block] |
| |
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
| Long-term deferred tax asset – U.K. |
|
$ |
12,280,245 |
|
|
$ |
12,703,373 |
|
| Long-term deferred tax asset – Malaysia |
|
|
59,992 |
|
|
|
4,046 |
|
| Total long-term deferred tax asset |
|
$ |
12,340,237 |
|
|
$ |
12,707,419 |
|
|