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INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2024

INCOME TAXES

Schedule of income tax provision (benefit)

​

​	​	​	​	​	​	​
​		2024			2023
Federal:	​	​	​	​	​	​
Current	​	$	—	​	$	—
Deferred	​		5,874,000	​	​	(3,249,000)
​	​		5,874,000	​	​	(3,249,000)
State and local:	​		​	​	​	​
Current	​		—	​	​	—
Deferred	​		417,000	​	​	(1,161,000)
​	​		417,000	​	​	(1,161,000)
Foreign:	​	​	​	​	​	​
Current	​	​	—	​	​	—
Deferred	​	​	(11,000)	​	​	(121,000)
​	​		—	​	​	—
Change in valuation allowance	​		(6,280,000)	​	​	4,531,000
​	​		​	​	​	​
Income tax provision (benefit)	​	$	—	​	$	—

Schedule of effective income tax rate reconciliation

​

​	​	​	​	​	​
​		2024		2023
Statutory federal income tax rate		21.00	%	21.00	%
Statutory state and local income tax rate (1%, as of September 30, 2024 and 2023), net of federal benefit		10.19	%	9.56	%
Stock based compensation		2.04	%	(1.76)	%
Permanent differences related to warrants	​	20.33	%	1.80	%
Other permanent differences		(2.49)	%	1.97	%
Canada NOL	​	—	%	1.28	%
Federal R&D Credit	​	(2.43)	%	9.93	%
Adjustment for prior year’s NOLs	​	(137.65)	%	—	%
Change in deferred tax rate		(0.81)	%	1.67	%
Change in valuation allowance		89.82	%	(45.45)	%
Effective tax rate		0.00	%	0.00	%

Schedule of components of deferred tax assets

​

​	​	​	​	​	​	​
​	​	September 30,
​		2024			2023
Deferred tax assets (liabilities):		​			​
Stock based compensation	​	$	1,309,000	​	$	993,000
Depreciation and amortization	​		333,000	​	​	440,000
Net operating loss carry forward	​		18,463,000	​	​	25,250,000
Impairment of intangibles	​	​	222,000	​	​	227,000
Capitalized research and development	​	​	1,386,000	​	​	726,000
Lease liability	​	​	200,000	​	​	342,000
Tax credits	​		2,885,000	​	​	3,060,000
Other	​		141,000	​	​	324,000
Deferred tax assets	​	​	24,939,000	​	​	31,362,000
Intellectual property	​	​	(684,000)	​	​	(684,000)
ROU asset	​	​	(200,000)	​	​	(342,000)
​	​	​	(884,000)	​	​	(1,026,000)
Less: valuation allowance	​		(24,739,000)	​	​	(31,020,000)
Net deferred tax liability	​	$	(684,000)	​	$	(684,000)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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