Income Taxes (Tables)

6 Months Ended

Dec. 31, 2022

Income Taxes

Summary of Domestic and foreign Components of Loss Before Taxes

	Six Months ended			Year ended
	December 31, 2022			2022 (As Restated)			2021
U.S. operations	$	(3,285,900	)	$	(8,985,600	)	$	(3,764,500	)
Non-U.S. operations		(787,200	)		(2,296,100	)		(290,500	)
Total loss before taxes	$	(4,073,100	)	$	(11,281,700	)	$	(4,055,000	)

Summary of Provision for Income Taxes

	Six Months ended		Year ended
	December 31, 2022		2022 (As Restated)			2021
U.S. federal taxes:
Current	$	-	$	(99,200	)	$	-
Deferred		-		1,693,700			(1,152,500	)
Non-U.S. taxes:
Current		-		-			-
Deferred		-		800,300			-
Total provision for income taxes	$	-	$	2,394,800		$	(1,152,500	)

Income tax reconciliation

	Six Months ended			Year ended
	December 31, 2022			2022 (As Restated)			2021
Computed “expected” income tax benefit	$	(855,400	)	$	(2,369,200	)	$	(1,014,300	)
Research and development credits		(49,600	)		(99,200	)		(93,900	)
Incentive Stock Option Expense		36,600			64,300			59,500
PPP Loan Forgiveness		-			(91,100	)		(111,700	)
Valuation allowance		1,302,600			5,116,000			-
Aquila Biolabs GmbH operating loss		(245,700	)		(717,100	)		-
Return to provision, and other True-ups		(187,800	)		-			-
Other, net		(700	)		491,100			7,900
Income tax expense /(benefit)	$	-		$	2,394,800		$	(1,152,500	)

Deferred tax assets and liabilities

	As of			As of June 30,
	December 31, 2022			2022 (As Restated)			2021
Deferred tax assets:
Amortization of intangible assets, including goodwill	$	377,800		$	326,600		$	374,000
Research and development credits		416,900			367,400			164,600
Goodwill impairment		898,800			898,800			-
Capitalized research and development expenses		276,900			-			-
Various accruals		92,200			50,400			64,600
Stock options expense		1,047,600			710,500			383,200
Net operating loss		3,353,100			2,769,400			1,515,800
Other		57,600			52,900			24,900
Subtotal	$	6,520,900		$	5,176,000		$	2,527,100
Deferred tax liability:
Depreciation of property		(102,300	)		(60,000	)		(37,200	)
Less valuation allowance		(6,418,600	)		(5,116,000	)		-
Net deferred tax assets	$	-		$	-		$	2,489,900