INCOME TAXES |
9 Months Ended |
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Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | NOTE 23 – INCOME TAXES
For the three and nine months ended June 30, 2025, and 2024, the Company recorded an income tax expense of approximately $14,035 and $245,098 and $67,294 and $238,049 from continuing operations, respectively. These taxes are related to our international operations and state taxes of certain subsidiaries.
As of year-end 2024, the Company had federal, state, and UK net operating losses (“NOL”) of approximately $71.7 million, $5.2 million, and $1.7 million respectively. The Company has pre 2018 TCJA NOLs and post 2017 TCJA NOLs. Pre 2018 NOLs will expire in 20 years with the first amount expiring in 2030 and the post 2017 NOLs can be carried forward indefinitely. Generally, state NOLs have different NOL carryforward rules, with some pre-2018 NOLs being able to be carried forward indefinitely. The first amount of state NOLs begin to expire in 2038. In accordance with Section 382 of the U.S. Internal Revenue Code, the usage of the Company’s NOL carryforwards is subject to annual limitations following greater than 50% ownership changes. Tax returns for the years ended 2021 through 2024 are subject to review by tax authorities.
The Company’s effective tax rates for the three months ended June 30, 2025, and 2024, were (0.17%) and (0.74%) respectively. For the nine months ended June 30, 2025, and 2024, the effective tax rates were (1.17%) and (2.02%) respectively.
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