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INCOME TAXES | 12 Months Ended
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Sep. 30, 2021
INCOME TAXES |
INCOME TAXES | NOTE J – INCOME TAXES The income tax provision (benefit) for the fiscal years ended September 30, 2021 and 2020 consists of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
Federal: | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | — |  | $ | —
Deferred | ​ |  | (1,423,000) |  | ​ | (2,914,000)
​ | ​ |  | (1,423,000) |  | ​ | (2,914,000)
State and local: | ​ |  | ​ |  | ​ | ​
Current | ​ |  | — |  | ​ | —
Deferred | ​ |  | (26,000) |  | ​ | (591,000)
​ | ​ |  | (26,000) |  | ​ | (591,000)
Foreign: | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | — | ​ | ​ | —
Deferred | ​ | ​ | 18,000 | ​ | ​ | —
​ | ​ |  | — |  | ​ | —
Change in valuation allowance | ​ |  | 1,431,000 |  | ​ | 3,505,000
​ | ​ |  | ​ |  | ​ | ​
Income tax provision (benefit) | ​ | $ | — |  | $ | —
​ The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory rate to losses before income tax expense for the years ended September 30, 2021 and 2020 as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |
Statutory federal income tax rate |  | 21.00 | % | 21.00 | %
Statutory state and local income tax rate (1%, as of September 30, 2020 and 2019), net of federal benefit |  | 1.52 | % | 2.26 | %
Stock based compensation |  | (11.54) | % | (1.60) | %
Other permanent differences |  | (0.56) | % | 3.83 | %
Change in deferred tax rate | ​ | (0.41) | % | 1.66 | %
Change in valuation allowance |  | (10.01) | % | (27.15) | %
Effective tax rate |  | 0.00 | % | 0.00 | %
​ NOTE J– INCOME TAXES, continued Deferred income taxes result from temporary differences in the recognition of income and expenses for financial reporting purposes and for tax purposes. The tax effect of these temporary differences representing deferred tax asset and liabilities result principally from the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30,
​ |  | 2021 |  | 2020
Deferred tax assets (liabilities): |  | ​ |  |  | ​ |
Stock based compensation | ​ | $ | 650,000 | ​ | $ | 2,120,000
Depreciation and amortization | ​ |  | 247,000 | ​ |  | 232,000
Net operating loss carry forward | ​ |  | 20,115,000 | ​ |  | 17,499,000
Impairment of intangibles | ​ | ​ | 187,000 | ​ | ​ | —
Tax credits | ​ |  | 1,566,000 | ​ |  | 1,227,000
Other | ​ |  | 99,000 | ​ |  | 355,000
Less: valuation allowance | ​ |  | (22,864,000) | ​ |  | (21,433,000)
Net deferred tax asset | ​ | $ | — | ​ | $ | —
​ As of September 30, 2021, the Company has approximately $84,283,000 of Federal and $35,836,000 of State net operating loss “NOL” carryforwards available which begin to expire after 2022. The Federal NOLs generated in tax years beginning after December 31, 2017 have no expiration period due to the Tax Cuts and Jobs Act that was enacted in 2017. Pursuant to Internal Revenue Code Section 382, the Company’s ability to utilize the NOLs is subject to certain limitations due to changes in stock ownership in prior years. The annual limitation ranges between $94,000 and $1,103,000 and any unused amounts can be carried forward to subsequent years. ​ The Company has provided a full valuation allowance against all of the net deferred tax assets based on management’s determination that it is more likely than not that the net deferred tax assets will not be realized in the future. The valuation allowance increased by $1,431,000. ​ The Company has Federal research and development credits of approximately $1,104,000 that will begin to expire after 2034. The Company also has state investment tax credits of $416,000 that will begin to expire after 2029.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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