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 Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The provision (benefit) for income taxes is comprised of the following components:
For the Years Ended
September 30,
2021 2020 2019
Current:
Federal
 $ —  $ —  $ — 
State
 —  —  — 
Total current
 —  —  — 
Deferred:
Federal
 (2,701) —  — 
State
 (942) —  — 
Total deferred (3,643) —  — 
Total income tax benefit
 $ (3,643) $ —  $ — 
Schedule of Effective Income Tax Rate Reconciliation
The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences are as follows:
For the Years Ended
September 30,
2021 2020 2019
Tax at federal statutory rate (21.00) % (21.00) % (21.00) %
State and local tax —  % (5.40) % (9.30) %
Non-deductible stock compensation (0.02) % 0.30  % 0.30  %
Warrant liability 9.65  % —  % —  %
Non-deductible expenses 1.22  % 0.70  % 0.70  %
Change in deferred tax rate —  % 0.30  % —  %
Other 0.43  % —  % —  %
Change in valuation allowance 18.06  % 25.10  % 29.30  %
Effective tax rate 8.34  % 0.00  % 0.00  %
Schedule of Deferred Tax Assets and Liabilities
The Company’s deferred tax assets/(liabilities) consist of the following:
As of September 30,
2021 2020
Deferred tax assets:
Net operating loss carryforwards $ 13,668  $ 9,769 
Stock-based compensation 2,136  231 
Research and development credits 205  — 
Amortization of intangibles —  71 
Other 184  — 
Total deferred tax assets 16,193  10,071 
Deferred tax liabilities:
Property and equipment (405) (29)
481(a) Adjustment (368) — 
Amortization of intangibles (3,148) — 
Total deferred tax liabilities (3,921) (29)
Total gross deferred tax assets/(liabilities) 12,272  10,042 
Less: Valuation allowance (12,467) (10,042)
Deferred tax assets/(liabilities), net of valuation allowance $ (195) $ —