Annual report [Section 13 and 15(d), not S-K Item 405]

Note 13 - Income Taxes (Tables)

v3.25.3
Note 13 - Income Taxes (Tables)
12 Months Ended
Sep. 30, 2025
Notes Tables  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
   

2025

   

2024

 
                 

Domestic

  $ (17,100,959 )   $ (34,984,213 )

Foreign

    1,419,702       (275,725 )

Total

  $ (15,681,257 )   $ (35,259,938 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

2025

   

2024

 
   

Amount

   

Tax Rate

   

Amount

   

Tax Rate

 

Income tax benefit at U.S. federal statutory rates

  $ (3,293,064 )     21.0 %   $ (7,404,587 )     21.0 %

State income tax benefit, net of federal benefits

    (517,481 )     3.3       (573,327 )     1.6  

Non-deductible expenses

    130,606       (0.8 )     3,192       0.0  

U.S. research and development tax credit

    (563,811 )     3.6       655,526       (1.9 )

Effect of change in effective tax rate

    (1,923,131 )     12.3              

Change in valuation allowance

    7,085,656       (45.2 )     7,214,966       (20.5 )

Other, net

    (918,775 )     5.8       104,230       (0.2 )

Income tax expense

  $       %   $       %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   

2025

   

2024

 

Deferred tax assets:

               

Federal net operating loss carryforwards

  $ 33,977,118     $ 34,485,560  

State net operating loss carryforwards

    4,821,234       3,662,406  

Foreign net operating loss carryforwards – U.K.

    3,153,044       3,510,437  

Research and development tax credit carryforward

    8,211,696       7,647,885  

Research and development expense

    11,276,599       8,969,277  

Accrued compensation

    852,988       911,277  

Share-based compensation

    12,735,324       10,198,368  

Interest expense

    2,220,525       2,241,652  

Credit loss provision

    951,057       885,562  

Other, net – U.S.

    412,013       385,414  

Gross deferred tax assets

    78,611,598       72,897,838  

Valuation allowance for deferred tax assets

    (78,611,598 )     (72,502,102 )

Net deferred tax assets

          395,736  

Deferred tax liabilities:

               

Change in fair value of derivative liability

          (395,736 )

Net deferred tax liabilities

          (395,736 )

Net deferred tax asset

  $     $