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

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
12 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS

The principal components of the Company’s net deferred tax assets consisted of the following at September 30:

 

    2023     2022  
Net operating loss & charitable contribution carryforwards   $ 12,905,738     $ 11,485,524  
Capitalized expenditures     1,396,415       1,535,736  
Research and experimentation credit carryforwards     1,014,466       946,246  
Stock based compensation     1,491,338       1,427,946  
Property and Equipment     1,531       2,616  
Accrued expenses     746,143       162,191  
Inventory allowance     51,463       70,805  
Gross deferred tax assets     17,607,094       15,631,061  
Deferred tax asset valuation allowance     (17,607,094 )     (15,631,061 )
                 
Net deferred tax assets   $ -     $ -  
SCHEDULE OF PROVISION BENEFIT INCOME TAX RATE

The provision (benefit) for income taxes differs from the tax computed with the statutory federal income tax rate as follows:

 

    2023     2022  
Expected income tax (benefit) at federal statutory rate     21.00 %     21.00 %
                 
Increase due to:                
State income taxes – net of federal benefit     0.24 %     3.65 %
                 
Permanent Differences:                
Stock based compensation     - %     (18.10 )%
R&D, taken as a credit     (0.16 )%     (0.23 )%
Adjustment to fair value of derivative     3.48 %     3.98 %
Other     - %     (1.14 )%
Change in Valuation Allowance     (24.56 )%     (9.16 )%
                 
Total Income Tax Provision (Benefit)     - %     - %