Income Taxes (Tables)
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6 Months Ended |
Mar. 31, 2021 |
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| Income Taxes [Abstract] |
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| 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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2021
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2020
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2021
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2020
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Income tax (benefit) expense at U.S. federal statutory rates
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$
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(593,101)
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$
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(198,166)
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$
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3,041,159
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$
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(908,354)
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State income tax (benefit) expense, net of federal (benefit) expense
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(45,923)
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(15,347)
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235,473
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(70,347)
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Effect of stock options exercised
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11,279
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—
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(53,011)
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—
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Effect of common stock purchase warrants exercised
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—
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—
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(2,038,919)
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—
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Effect of Paycheck Protection Program funds
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(26,340)
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—
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(122,226)
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—
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Effect of foreign income tax rates
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4,993
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23,832
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(27,577)
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66,386
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Effect of global intangible low taxed income
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(55,388)
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(34,331)
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69,757
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16,120
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Change in valuation allowance
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727,034
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89,741
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(1,005,752)
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682,451
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Other, net
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(864)
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|
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1,131
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|
|
1,088
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3,861
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Income tax expense (benefit)
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$
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21,690
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$
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(133,140)
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$
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99,992
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$
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(209,883)
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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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2021
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2020
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Deferred tax assets:
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Federal net operating loss carryforwards
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$
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8,104,217
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$
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8,759,589
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State net operating loss carryforwards
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1,635,677
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1,682,104
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Foreign net operating loss carryforwards – U.K.
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11,624,930
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11,655,853
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Foreign capital allowance – U.K.
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113,522
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113,522
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Share-based compensation
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574,699
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1,255,983
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Interest expense
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706,619
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850,248
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Other, net – U.K.
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93,739
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93,739
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Other, net – U.S.
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518,584
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374,942
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Gross deferred tax assets
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23,371,987
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24,785,980
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Valuation allowance for deferred tax assets
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(13,068,988)
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(14,074,740)
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Net deferred tax assets
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10,302,999
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10,711,240
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Deferred tax liabilities:
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In-process research and development
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(882,427)
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(882,427)
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Developed technology
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—
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(369,237)
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Covenant not-to-compete
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(41,751)
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(49,832)
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Other, net – Malaysia
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(11,297)
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(11,297)
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Other, net – U.S.
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(6,371)
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(6,371)
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Net deferred tax liabilities
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(941,846)
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(1,319,164)
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Net deferred tax asset
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$
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9,361,153
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$
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9,392,076
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| Schedule of Deferred Tax Amounts Classified in Balance Sheets |
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March 31,
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September 30,
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2021
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2020
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Deferred tax asset – U.K.
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$
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9,435,877
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$
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9,466,800
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Total deferred tax asset
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$
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9,435,877
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$
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9,466,800
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Deferred tax liability – U.S.
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$
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(63,427)
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$
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(63,427)
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Deferred tax liability – Malaysia
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(11,297)
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(11,297)
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Total deferred tax liability
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$
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(74,724)
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$
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(74,724)
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