Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.2
Income Taxes (Tables)
 12 Months Ended
Sep. 30, 2021
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:

    2021     2020  
    As of September 30,  
    2021     2020  
Deferred tax assets:                
Net operating loss carryforwards   $ 21,398,036     $ 7,108,066  
Research and development credit carryforward     1,263,451       1,263,451  
Share-based compensation     146,192       104,023  
Lease liability     26,570       58,242  
Accruals and other     144,215       207,612  
Property and equipment     3,039       —  
Gross deferred tax assets     22,981,503       8,741,394  
Less: valuation allowance     (22,946,868 )     (8,683,047 )
  Net deferred tax assets     34,635       58,347  
Deferred tax liabilities:                
Property and equipment     —     (463 )
Right-of-use asset     (34,635 )     (57,884 )
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, 2021 and 2020. 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,  
    2021     2020  
U.S. federal statutory rate     (21.0 )%     (21.0 )%
State taxes, net of federal benefit     (6.6 )     (4.0 )
Change in valuation allowance     26.4     20.4
Research and development credit     —     (4.0 )
Permanent differences     (0.1 )     7.7
Foreign tax rate differential     0.7     0.5
Other     0.6     0.4
Effective income tax rate     — %     — %