Income Taxes (Tables)
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9 Months Ended |
Jun. 30, 2023 |
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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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Nine Months Ended |
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June 30, |
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June 30, |
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2023 |
|
2022 |
|
2023 |
|
2022 |
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Income tax expense (benefit) at U.S. federal statutory rates |
$ |
1,338,068 |
|
$ |
(4,632,174) |
|
$ |
(14,573,616) |
|
$ |
(8,931,007) |
State income tax expense (benefit), net of federal benefit |
|
103,605 |
|
|
(358,662) |
|
|
(1,128,414) |
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|
(691,515) |
Non-deductible expenses |
|
(262,005) |
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(355,069) |
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|
185,564 |
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|
4,860 |
Effect of stock options exercised |
|
— |
|
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(147,570) |
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|
63,849 |
|
|
(170,920) |
U.S. research and development tax credit |
|
2,835,378 |
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(1,283,944) |
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|
415,378 |
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|
(4,160,374) |
Effect of foreign income tax rates |
|
406,324 |
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|
366,493 |
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|
307,188 |
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|
327,055 |
Effect of global intangible low taxed income |
|
(24,691) |
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|
(12,989) |
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(24,691) |
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|
— |
Change in valuation allowance |
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(4,317,909) |
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|
6,504,878 |
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|
14,705,293 |
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|
13,637,539 |
Other, net |
|
(21,219) |
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|
56,640 |
|
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(27,837) |
|
|
209,170 |
Income tax expense (benefit) |
$ |
57,551 |
|
$ |
137,603 |
|
$ |
(77,286) |
|
$ |
224,808 |
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| Significant Components of Deferred Tax Assets and Liabilities |
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June 30, |
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September 30, |
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2023 |
|
2022 |
Deferred tax assets: |
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Federal net operating loss carryforwards |
$ |
26,685,200 |
|
$ |
23,627,461 |
State net operating loss carryforwards |
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3,100,416 |
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|
2,850,956 |
Foreign net operating loss carryforwards – U.K. |
|
16,083,790 |
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|
15,773,497 |
Foreign capital allowance – U.K. |
|
128,490 |
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|
128,490 |
U.S. research and development tax credit carryforwards |
|
8,066,411 |
|
|
8,481,789 |
U.S. research and development expense |
|
8,722,825 |
|
|
— |
Accrued compensation |
|
764,724 |
|
|
1,227,290 |
Share-based compensation |
|
6,926,088 |
|
|
4,325,354 |
Interest expense |
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2,520,769 |
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|
2,206,484 |
Credit loss provision |
|
885,562 |
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|
— |
Change in fair value of derivative liabilities |
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— |
|
|
220,607 |
Other, net – U.K. |
|
265,631 |
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|
265,631 |
Other, net – Malaysia |
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4,712 |
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— |
Other, net – U.S. |
|
81,387 |
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|
81,507 |
Gross deferred tax assets |
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74,236,005 |
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|
59,189,066 |
Valuation allowance for deferred tax assets |
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(60,077,745) |
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(45,372,452) |
Net deferred tax assets |
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14,158,260 |
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|
13,816,614 |
Deferred tax liabilities: |
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In-process research and development |
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— |
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|
(882,427) |
Change in fair value of derivative liabilities |
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(304,098) |
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|
— |
Gain on sale of ENTADFI® assets |
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(750,686) |
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|
— |
Other, net - Malaysia |
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— |
|
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(17,641) |
Other, net – U.S. |
|
(5,386) |
|
|
(31,628) |
Net deferred tax liabilities |
|
(1,060,170) |
|
|
(931,696) |
Net deferred tax asset |
$ |
13,098,090 |
|
$ |
12,884,918 |
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| Schedule of Deferred Tax Amounts Classified in Balance Sheets |
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June 30, |
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September 30, |
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2023 |
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2022 |
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Deferred tax asset – U.K. |
$ |
13,093,378 |
|
$ |
12,965,985 |
Deferred tax asset – Malaysia |
|
4,712 |
|
|
— |
Total deferred tax asset |
$ |
13,098,090 |
|
$ |
12,965,985 |
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|
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Deferred tax liability – U.S. |
$ |
— |
|
$ |
(63,426) |
Deferred tax liability – Malaysia |
|
— |
|
|
(17,641) |
Total deferred tax liability |
$ |
— |
|
$ |
(81,067) |
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