| Reconciliation Of Income Tax Expense (Benefit) |
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Three Months Ended
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December 31,
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2018
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2017
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Income tax benefit at statutory rates
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$
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(431,823)
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$
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(2,551,000)
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State income tax benefit, net of federal benefits
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(102,342)
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(563,000)
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Effect of change in U.S. tax rate
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—
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(187,000)
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Non-deductible expenses – other
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2,420
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4,000
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Effect of lower foreign income tax rates
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(8,357)
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29,405
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Effect of deemed dividend
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31,309
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—
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Other
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(21,839)
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21,542
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Change in valuation allowance
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623,130
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—
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Income tax expense (benefit)
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$
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92,498
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$
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(3,246,053)
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| Significant Components Of Deferred Tax Assets And Liabilities |
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December 31,
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September 30,
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Deferred tax assets:
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2018
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2018
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Federal net operating loss carryforwards
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$
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7,357,498
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$
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6,973,047
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State net operating loss carryforwards
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2,294,400
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2,195,865
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Foreign net operating loss carryforwards – U.K.
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10,598,452
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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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22,425
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22,902
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Share-based compensation
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670,536
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622,442
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Other, net – U.S.
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113,237
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91,419
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Other, net – Malaysia
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33,868
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33,843
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Gross deferred tax assets
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21,211,800
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20,656,420
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Valuation allowance for deferred tax assets
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(8,254,208)
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(7,631,078)
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Net deferred tax assets
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12,957,592
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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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(533,875)
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(549,318)
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Covenant not-to-compete
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(89,683)
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(94,321)
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Other
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(7,318)
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(6,843)
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Net deferred tax liabilities
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(5,306,736)
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(5,326,342)
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Net deferred tax asset
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$
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7,650,856
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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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December 31,
2018
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September 30,
2018
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Long-term deferred tax asset – U.K.
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8,512,850
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8,509,915
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Long-term deferred tax asset – Malaysia
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33,868
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33,843
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Total long-term deferred tax asset
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$
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8,546,718
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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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(895,862)
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(844,758)
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Total long-term deferred tax liability
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$
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(895,862)
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$
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(844,758)
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