Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Sep. 30, 2020
Income Taxes  
Schedule of components of the income tax benefits, net

The components of the income tax benefits, net are as follows:

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

 

September 30, 

 

    

2020

    

2019

Federal

 

 

  

 

 

  

Current

 

$

 —

 

$

 —

Deferred

 

 

(3,417,262)

 

 

(2,944,807)

State and Local

 

 

  

 

 

  

Current

 

 

 —

 

 

 —

Deferred

 

 

(1,284,255)

 

 

(1,106,701)

Change in valuation allowance

 

 

4,701,517

 

 

4,051,508

Income tax provision (benefit)

 

$

 —

 

$

 —

 

Schedule of reconciliation of income taxes at the statutory federal income tax rate to net income taxes

A reconciliation of income taxes at the statutory federal income tax rate to net income taxes included in the consolidated statements of operations is as follows:

 

 

 

 

 

 

 

 

 

For the Year Ended September 30, 

 

 

    

2020

    

2019

 

U.S. federal income tax expense at the statutory rate

 

(21.0)

%  

(21.0)

%

State income taxes, net of federal taxes

 

(7.9)

 

(7.9)

 

Stock-based compensation

 

1.1

 

0.4

 

Ohr acquisition

 

 —

 

12.8

 

Other permanent items

 

0.8

 

0.7

 

Change in valuation allowance

 

27.0

 

15.0

 

Income tax provision (benefit)

 

 —

%  

 —

%

 

Schedule of components of our deferred tax assets and liabilities

The components of our deferred tax assets and liabilities are:

 

 

 

 

 

 

 

 

 

    

September 30, 

 

 

2020

    

2019

Deferred tax assets

 

 

 

 

 

 

Net operating loss carryforwards

 

$

5,769,484

 

$

2,078,877

Stock-based compensation

 

 

3,141,385

 

 

1,922,438

Amortization

 

 

266,360

 

 

286,526

Service warrant

 

 

67,776

 

 

 —

Total deferred tax assets

 

 

9,245,005

 

 

4,287,841

Deferred tax liabilities

 

 

  

 

 

  

Depreciation

 

 

(274,957)

 

 

(19,310)

Prepaid expenses

 

 

(205,116)

 

 

(205,116)

Total deferred tax liabilities

 

 

(480,073)

 

 

(224,426)

Valuation allowance

 

 

(8,764,932)

 

 

(4,063,415)

Net deferred tax assets, net of allowances

 

$

 —

 

$

 —