Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.4
Income Taxes (Tables)
12 Months Ended
Sep. 30, 2021
Income Taxes  
Schedule of components of the income tax benefits, net

For the Year Ended

September 30, 

    

2021

    

2020

Federal

 

  

 

  

Current

$

$

Deferred

 

(7,919,279)

 

(3,417,262)

State and Local

 

 

Current

 

 

Deferred

 

(3,015,187)

 

(1,284,255)

Change in valuation allowance

 

10,934,466

 

4,701,517

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, 

 

    

2021

    

2020

 

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

 

1.2

 

1.1

Return to provision adjustment

 

(14.2)

 

Other permanent items

 

(1.1)

 

0.8

Change in valuation allowance

 

43.0

 

27.0

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, 

2021

    

2020

Deferred tax assets

Net operating loss carryforwards

$

13,254,067

$

5,769,484

Stock-based compensation

 

3,779,555

 

3,141,385

Amortization

 

2,643,500

 

266,360

Service Warrant

147,168

67,776

Investment

141,098

Deferred Rent

66,982

Total deferred tax assets

 

20,032,370

 

9,245,005

Deferred tax liabilities

 

  

 

  

Depreciation

 

(127,449)

 

(274,957)

Prepaid expenses

 

(205,523)

 

(205,116)

Total deferred tax liabilities

 

(332,972)

 

(480,073)

Valuation allowance

 

(19,699,398)

 

(8,764,932)

Net deferred tax assets, net of allowances

$

$