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Other Income
 12 Months Ended
Sep. 30, 2019
Component of Operating Income [Abstract]  
Other Income
Note 3Other Income

 

Grant income

 

During the year ended September 30, 2017, the Company was awarded grant funding in the amount of $597,886. The grant is being received in equal quarterly installments over a period of two years beginning during the year ended September 30, 2018, in exchange for a commitment to complete clinical testing for a therapeutic drug candidate for the treatment of Rett syndrome.

 

The grant income is deferred when received and amortized to other income as the related research and development expenditures are incurred. During the year ended September 30, 2019, the Company recognized $298,943 (2018: $149,055) of this grant on its statement of operations as a component of other income.

 

Research and development incentive income

 

Research and development incentive income represents the receipt by the Company’s Australian subsidiary, of the Australian research and development incentive credit, (the “ATO R&D Credit”), as well as receipt by the Company of the New York City Biotechnology Tax Credit (“NYC Biotech credit”).

 

During the year ended September 30, 2019, the Company recorded research and development incentive income of $2,215,691 (AUD 3,281,300) (2018: $1,647,219 (AUD 2,344,486)) in respect of the ATO R&D Credit for eligible research and development expenses incurred during the year.

 

During the year ended September 30, 2019, the Company recorded research and development incentive income of $250,000 (2018: $182,967) in respect of the NYC Biotech Credit awarded to the Company during the year.