Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
 12 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities

The tax effects of the temporary differences that gave rise to deferred taxes were as follows:

 

    As of September 30,  
    2020     2019  
Deferred tax assets:                
Net operating loss carryforwards   $ 7,108,066     $ 3,441,745  
Research and development credit carryforward     1,263,451       294,707  
Share-based compensation     104,023       —  
Lease liability     58,242       —  
Accruals and other     207,612       —  
Gross deferred tax assets     8,741,394       3,736,452  
Less: valuation allowance     (8,683,047 )     (3,736,452 )
      58,347       —  
Deferred tax liability                
Property and equipment     (463 )     —  
Right-of-use asset     (57,884 )     —  
Net deferred tax assets   $ —     $ —  
Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense (benefit) at the statutory federal income tax rate and income taxes as reflected in the consolidated financial statements is as follows:

 

    Year Ended September 30,  
    2020     2019  
U.S. federal statutory rate     (21.0 )%     (21.0 )%
State taxes, net of federal benefit     (4.0 )%     (7.2 )%
Change in valuation allowance     20.4 %     28.6 %
Research and development credit     (4.0 )%     — %
Permanent differences     7.7 %     — %
Foreign tax rate differential     0.5 %     — %
Other     0.4 %     (0.4 )%
Effective income tax rate     — %     — %