XML 33 R17.htm IDEA: XBRL DOCUMENT v3.22.2.2
INCOME TAXES
12 Months Ended
Sep. 30, 2022
INCOME TAXES  
INCOME TAXES

11.    INCOME TAXES

The following is a reconciliation of income taxes calculated at the combined Canadian federal and provincial income statutory corporate tax rate of 27.0% (2021 – 27.0%) to the tax expense:

​

​

​

​

​

​

​

For the years ended September 30

    

2022

    

2021

​

​

​

​

​

​

​

Loss for the year before income tax

​

$

(35,215,072)

 

$

(36,839,810)

​

​

​

​

​

​

​

Tax recovery at statutory income tax rates

​

$

(9,509,000)

 

$

(9,947,000)

Non-deductible share-based payments

​

 

963,000

 

​

1,575,000

Taxable capital gains

​

 

​

 

​

​

Other permanent differences including foreign exchange

​

 

(25,000)

 

​

(49,000)

Share issue costs

​

 

—

 

​

(2,492,000)

Change in statutory, foreign tax, foreign exchange rates and other

​

 

1,288,000

 

​

1,260,000

Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses

​

 

165,000

 

​

(725,000)

Change in valuation allowance

​

 

7,007,000

 

​

10,344,000

​

​

​

​

​

​

​

Total income tax expense

​

$

(111,000)

 

$

(34,000)

​

Tax attributes are subject to review, and potential adjustment, by tax authorities. The Company has recorded an income tax recovery of $111,000 for the year ended September 30, 2022 (2021 recovery of $34,000) in relation to taxable income generated by its US subsidiary.

​

For the years ended September 30, 2022 and 2021, the Company did not record a provision for income taxes due to a full valuation allowance against our deferred tax assets. The significant components of the Company’s deferred tax assets that have not been included on the consolidated statement of financial position are as follows:

​

​

​

​

​

​

​

​

Deferred tax assets

    

2022

    

2021

​

​

​

​

​

​

​

Operating losses carried forward

​

$

37,710,000

 

$

29,749,000

Equipment and intangible assets

​

 

77,000

 

​

77,000

Investment tax credits

​

 

29,000

 

​

29,000

Financing costs

​

 

2,026,000

 

​

3,025,000

Federal R&D credit

​

 

210,000

 

​

210,000

Other

​

 

125,000

 

​

79,000

​

​

​

​

​

​

​

​

​

 

40,177,000

 

​

33,169,000

Valuation allowance

​

 

(40,177,000)

 

​

(33,169,000)

​

​

​

​

​

​

​

Net future tax assets

​

$

—

 

$

—

​

​

As at September 30, 2022, the Company has non-capital loss carry-forwards of approximately $87,702,000 (2021 - $78,416,000) available to offset future taxable income in Canada and approximately $66,812,000 (2021 - $40,843,000) available to offset future taxable income in the US. These non-capital loss carryforwards begin to expire in 2031.