Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.2.2
Income Taxes (Tables)
 12 Months Ended
Sep. 30, 2022
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:

 

                 
    September 30,  
    2022     2021  
Deferred tax assets:                
Net operating loss carryforwards   $ 25,858,311     $ 21,398,036  
Research and development credit carryforwards     2,151,942       1,263,451  
Amortization     2,897,388       —  
Share-based compensation     66,832       146,192  
Operating lease liability     71,748       26,570  
Accrued expenses and other     314,210       144,215  
Property and equipment     4,790       3,039  
Gross deferred tax assets     31,365,221       22,981,503  
Less: valuation allowance     (31,293,092 )     (22,946,868 )
Deferred tax assets     72,129       34,635  
Deferred tax liabilities:                
Operating lease right-of-use asset     (72,129 )     (34,635 )
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, 2022 and 2021. 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,  
    2022     2021  
U.S. federal statutory rate     (21.0 )%     (21.0 )%
State taxes, net of federal benefit     (6.0 )     (6.6 )
Change in valuation allowance     28.1       26.4  
Research and development credit     (3.0 )     —  
Permanent differences     0.7       (0.1 )
Foreign tax rate differential     0.8       0.7  
Other     0.4       0.6  
Effective income tax rate     — %     — %