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

Note 12 - Income Taxes (Tables)

v3.23.3
Note 12 - Income Taxes (Tables)
12 Months Ended
Sep. 30, 2022
Notes Tables  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   

2022

   

2021

 

Net operating loss carryforwards

  $ 11,485,524     $ 10,022,020  

Capitalized expenditures

    1,535,736       1,703,849  

Research and development credit carryforwards

    946,243       946,158  

Stock based compensation

    1,427,946       2,352,432  

Property and Equipment

    2,616       2,740  

Accrued expenses

    162,191       57,812  

Inventory allowance

    70,805       62,946  

Gross deferred tax assets

    15,631,061       15,147,957  

Deferred tax asset valuation allowance

    (15,631,061

)

    (15,147,957

)

                 

Net deferred tax assets

  $ -     $ -  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

2022

   

2021

 

Expected income tax (benefit) at federal statutory rate

    21.00 %     21.00 %
                 
Increase/(Decrease) due to:                

State income taxes – net of federal benefit

    3.65 %     5.80 %
                 
Permanent Differences:                

Key man life insurance

    --- %     (0.01 )%
Stock Based Compensation     (18.10 )%     --- %

R&D, taken as a credit

    (0.23 )%     (0.29 )%

Adjustment to fair value of derivative

    3.98 %     0.37 %

PPP Loan Forgiveness

    --- %     0.60 %

Other

    (1.14 )%     (1.41 )%

Change in Valuation Allowance

    (9.16 )%     (26.06 )%
                 

Total Income Tax Provision / (Benefit)

    --- %     --- %