| 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:
SCHEDULE
OF COMPONENTS OF DEFERRED TAX ASSETS
| |
|
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:
SCHEDULE
OF PROVISION BENEFIT INCOME TAX RATE
| |
|
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) |
|
|
- |
% |
|
|
- |
% |
|