Quarterly report pursuant to Section 13 or 15(d)

Note 13 - Income Taxes

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Note 13 - Income Taxes
 3 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

Note 13 – Income Taxes

 

The Company accounts for income taxes using the liability method, which requires the recognition of deferred tax assets or liabilities for the tax-effected temporary differences between the financial reporting and tax bases of its assets and liabilities, and for net operating loss (NOL) and tax credit carryforwards.

 

A reconciliation of income tax expense, which is zero as a result of the Company’s full valuation allowance for deferred tax assets, and the amount computed by applying the U.S. statutory rate of 21% to loss from continuing operations is as follows:

 

   

Three Months Ended

  
   

December 31,

  
   

2024

    

2023

  
                 

Income tax benefit at U.S. federal statutory rates

   $ (380,080 )   $ (1,610,150 )

State income tax benefit, net of federal benefit

     (29,429 )     (124,672 )

Non-deductible expenses

     739       112  

U.S. research and development tax credit

     (230,797 )     (170,000 )

Change in valuation allowance

     639,567       1,904,710  

Income tax expense

   $ —     $ —