| Reconciliation Of Income Tax Expense (Benefit) |
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Three Months Ended
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Six Months Ended
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March 31,
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March 31,
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2019
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2018
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2019
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2018
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Income tax benefit at statutory rates
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$
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(841,862)
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$
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(1,077,736)
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$
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(1,273,685)
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$
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(3,628,736)
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State income tax benefit, net of federal benefits
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(199,521)
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(385,395)
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(301,863)
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(948,395)
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Effect of change in U.S. tax rate
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—
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—
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—
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(187,000)
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Non-deductible expenses – other
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2,364
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8,702
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4,783
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12,702
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Effect of lower foreign income tax rates
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4,830
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50,981
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(3,527)
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80,386
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Effect of deemed dividend
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32,318
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—
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63,627
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—
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Other
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(1,025)
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101,032
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(22,863)
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122,574
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Change in valuation allowance
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1,028,063
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—
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1,651,193
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—
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Income tax expense (benefit)
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$
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25,167
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$
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(1,302,416)
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$
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117,665
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$
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(4,548,469)
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| Significant Components Of Deferred Tax Assets And Liabilities |
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March 31,
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September 30,
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Deferred tax assets:
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2019
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2018
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Federal net operating loss carryforwards
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$
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8,057,926
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$
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6,973,047
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State net operating loss carryforwards
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2,468,061
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2,195,865
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Foreign net operating loss carryforwards – U.K.
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10,621,438
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10,595,518
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Foreign capital allowance – U.K.
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102,098
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102,098
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U.K. bad debts
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1,700
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1,700
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Restricted stock – U.K.
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17,586
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17,586
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U.S. deferred rent
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54,706
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22,902
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Share-based compensation
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759,875
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622,442
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Other, net – U.S.
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125,508
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91,419
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Other, net – Malaysia
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34,314
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33,843
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Gross deferred tax assets
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22,243,212
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20,656,420
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Valuation allowance for deferred tax assets
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(9,282,271)
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(7,631,078)
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Net deferred tax assets
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12,960,941
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13,025,342
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Deferred tax liabilities:
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In process research and development
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(4,675,860)
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(4,675,860)
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Developed technology
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(518,431)
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(549,318)
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Covenant not-to-compete
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(85,044)
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(94,321)
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Other
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(7,316)
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(6,843)
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Net deferred tax liabilities
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(5,286,651)
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(5,326,342)
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Net deferred tax asset
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$
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7,674,290
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$
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7,699,000
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| Schedule Of Deferred Tax Amounts Classified In Balance Sheets |
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March 31,
2019
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September 30,
2018
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Long-term deferred tax asset – U.K.
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8,535,836
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8,509,915
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Long-term deferred tax asset – Malaysia
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34,314
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33,843
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Total long-term deferred tax asset
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$
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8,570,150
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$
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8,543,758
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Long-term deferred tax liability – U.S.
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(895,860)
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(844,758)
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Total long-term deferred tax liability
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$
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(895,860)
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$
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(844,758)
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