v3.25.4
Note 13 - Income Taxes
 3 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

Note 13 – Income Taxes

 

The Company accounts for income taxes using the liability method, which requires the recognition of deferred tax assets or liabilities for the tax-effected temporary differences between the financial reporting and tax bases of its assets and liabilities, and for net operating loss (NOL) and tax credit carryforwards.

 

A reconciliation of income tax expense, which is zero as a result of the Company’s full valuation allowance for deferred tax assets, and the amount computed by applying the U.S. statutory rate of 21% to loss from continuing operations is as follows:

 

  

Three Months Ended

 
  

December 31,

 
  

2025

  

2024

 
         

Income tax benefit at U.S. federal statutory rates

 $(1,119,841) $(380,080)

State income tax benefit, net of federal benefit

  (175,975)  (29,429)

Non-deductible expenses

  1,650   739 

U.S. research and development tax credit

  (116,757)  (230,797)

Other

  8,152   — 

Change in valuation allowance

  1,402,771   639,567 

Income tax expense

 $—  $—