Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.23.3
Income Taxes (Tables)
9 Months Ended
Jun. 30, 2023
Income Taxes [Abstract]  
Reconciliation of Income Tax Expense (Benefit)

Three Months Ended

Nine Months Ended

June 30,

June 30,

2023

2022

2023

2022

Income tax expense (benefit) at U.S. federal statutory rates

$

(1,386,552)

$

(4,632,174)

$

(17,298,236)

$

(8,931,007)

State income tax expense (benefit), net of federal benefit

(107,359)

(358,662)

(1,339,378)

(691,515)

Non-deductible expenses

(262,005)

(355,069)

185,564

4,860

Effect of stock options exercised

(147,570)

63,849

(170,920)

U.S. research and development tax credit

2,835,378

(1,283,944)

415,378

(4,160,374)

Effect of foreign income tax rates

406,324

366,493

307,188

327,055

Effect of global intangible low taxed income

(24,691)

(12,989)

(24,691)

Change in valuation allowance

(1,382,325)

6,504,878

17,640,877

13,637,539

Other, net

(21,219)

56,640

(27,837)

209,170

Income tax expense (benefit)

$

57,551

$

137,603

$

(77,286)

$

224,808

Significant Components of Deferred Tax Assets and Liabilities

June 30,

September 30,

2023

2022

Deferred tax assets:

Federal net operating loss carryforwards

$

28,662,430

$

23,627,461

State net operating loss carryforwards

3,253,511

2,850,956

Foreign net operating loss carryforwards – U.K.

16,083,790

15,773,497

Foreign capital allowance – U.K.

128,490

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

2,575,342

2,206,484

Credit loss provision

885,562

Change in fair value of derivative liabilities

220,607

Other, net – U.K.

265,631

265,631

Other, net – Malaysia

4,712

Other, net – U.S.

81,387

81,507

Gross deferred tax assets

76,420,903

59,189,066

Valuation allowance for deferred tax assets

(63,013,329)

(45,372,452)

Net deferred tax assets

13,407,574

13,816,614

Deferred tax liabilities:

In-process research and development

(882,427)

Change in fair value of derivative liabilities

(304,098)

Other, net - Malaysia

(17,641)

Other, net – U.S.

(5,386)

(31,628)

Net deferred tax liabilities

(309,484)

(931,696)

Net deferred tax asset

$

13,098,090

$

12,884,918

Schedule of Deferred Tax Amounts Classified in Balance Sheets

June 30,

September 30,

2023

2022

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

Deferred tax liability – U.S.

$

$

(63,426)

Deferred tax liability – Malaysia

(17,641)

Total deferred tax liability

$

$

(81,067)