| Schedule of Deferred Tax Assets and Liabilities |
The
tax effects of the temporary differences that gave rise to deferred taxes were as follows:
Schedule of Deferred Tax Assets and Liabilities
| |
|
2024 |
|
|
2023 |
|
| |
|
September
30, |
|
| |
|
2024 |
|
|
2023 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Net operating
loss carryforwards |
|
$ |
26,754,767 |
|
|
$ |
27,996,751 |
|
| Research and development
credit carryforwards |
|
|
3,129,222 |
|
|
|
3,106,675 |
|
| Amortization |
|
|
5,791,883 |
|
|
|
4,692,227 |
|
| Share-based compensation |
|
|
19,357 |
|
|
|
226 |
|
| Operating lease liability |
|
|
36,786 |
|
|
|
57,319 |
|
| Accrued expenses and other |
|
|
26,977 |
|
|
|
546,612 |
|
| Section 163(j) disallowed
interest expense |
|
|
761,450 |
|
|
|
763,172 |
|
| Gross deferred tax assets |
|
|
36,520,442 |
|
|
|
37,162,982 |
|
| Less:
valuation allowance |
|
|
(36,480,967 |
) |
|
|
(37,100,582 |
) |
| Deferred tax assets |
|
|
39,475 |
|
|
|
62,400 |
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Property and equipment |
|
|
(4,782 |
) |
|
|
(7,954 |
) |
| Operating
lease right-of-use asset |
|
|
(34,693 |
) |
|
|
(54,446 |
) |
| Net deferred tax assets |
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
The
Company recorded no income tax expense or benefit for the years ended September 30, 2024 and 2023. 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:
Schedule of Effective Income Tax Rate Reconciliation
| |
|
2024 |
|
|
2023 |
|
| |
|
Years
ended September 30, |
|
| |
|
2024 |
|
|
2023 |
|
| U.S. federal statutory rate |
|
|
(21.0 |
)%
|
|
|
(21.0 |
)% |
| State taxes, net of federal benefit |
|
|
(5.8 |
) |
|
|
(7.1 |
) |
| Change in valuation allowance |
|
|
(8.3 |
) |
|
|
30.8 |
|
| Research and development credit |
|
|
(4.6 |
) |
|
|
(5.1 |
) |
| Permanent differences |
|
|
2.7 |
|
|
|
(1.6 |
) |
| Foreign tax rate differential |
|
|
0.1 |
|
|
|
0.3 |
|
| State net operating losses |
|
|
— |
|
|
|
3.7 |
|
| Sale of state net operating losses and research and development credits |
|
|
51.5 |
|
|
|
— |
|
| Other |
|
|
(14.6 |
) |
|
|
— |
|
| Effective
income tax rate |
|
|
— |
% |
|
|
— |
% |
|