General form of registration statement for all companies including face-amount certificate companies

Leases (Tables)

v3.24.3
Leases (Tables)
 12 Months Ended
Sep. 30, 2023
Leases  
Schedule of Lease Expenses

The components of lease expense for the years ended September 30, 2023 and 2022 are as follows: 

 

Lease expense   2023     2022  
Operating lease expense   $ 90,837     $ 94,828  
Variable lease expense     5,978       5,339  
Total lease cost   $ 96,815     $ 100,167  
Schedule of Operating Lease Liabilities

Cash flow information related to operating leases for the years ended September 30, 2023 and 2022 is as follows:

 

Cash paid for amounts included in the measurement of lease liabilities:   2023     2022  
Operating cash flows from operating leases   $ 79,259     $ 98,101  
Schedule of Future Minimum Lease Payments

Future minimum lease payments under non-cancellable leases at September 30, 2023 are as follows:

 

         
Fiscal year        
2024   $ 93,614  
2025     95,487  
2026     48,216  
Total undiscounted lease payments     237,317  
Less: imputed interest     (33,406 )
Total lease liabilities   $ 203,911  
Schedule of Deferred Tax Assets and Liabilities

The tax effects of the temporary differences that gave rise to deferred taxes were as follows:

  

    2023     2022  
    September 30,  
    2023     2022  
Deferred tax assets:                
Net operating loss carryforwards   $ 27,996,751     $ 25,858,311  
Research and development credit carryforwards     3,106,675       2,151,942  
Amortization     4,692,227       2,897,388  
Share-based compensation     226       66,832  
Operating lease liability     57,319       71,748  
Accrued expenses and other     546,612       314,210  
Section 163(j) disallowed interest expense     763,172       —  
Property and equipment     —       4,790  
Gross deferred tax assets     37,162,982       31,365,221  
Less: valuation allowance     (37,100,582 )     (31,293,092 )
Deferred tax assets     62,400       72,129  
Deferred tax liabilities:                
Property and equipment     (7,954 )     —  
Operating lease right-of-use asset     (54,446 )     (72,129 )
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, 2023 and 2022. 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:

 

    2023     2022  
    Years ended September 30,  
    2023     2022  
U.S. federal statutory rate     (21.0 )%     (21.0 )%
State taxes, net of federal benefit     (7.1 )     (6.0 )
Change in valuation allowance     30.8       28.1  
Research and development credit     (5.1 )     (3.0 )
Permanent differences     (1.6 )     0.7  
Foreign tax rate differential     0.3       0.8  
State NOLs    

3.7

      

—

  
Other     0.0       0.4  
Effective income tax rate     — %     — %