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]  
Reconciliation of Income Tax Expense

Income tax expense for the years ended September 30, 2021 and 2020 is as follows:

 

 

 

Year Ended

 

 

Year Ended

 

 

 

September 30,
2021

 

 

September 30,
2020

 

Current expense:

 

 

 

 

 

 

Federal

 

$

3,830

 

 

$

 

State

 

 

1,015

 

 

 

887

 

 

 

 

4,845

 

 

 

887

 

Deferred expense:

 

 

 

 

 

 

Federal

 

 

3,474

 

 

 

4,160

 

State

 

 

588

 

 

 

(84

)

Change in valuation allowance

 

 

(245

)

 

 

(6

)

 

 

 

3,817

 

 

 

4,070

 

Total income tax expense

 

$

8,662

 

 

$

4,957

 

 

Reconciliation between Effective and Statutory Income Tax Rates

A reconciliation of the differences between the effective and statutory income tax rates for years ended September 30, 2021 and 2020:

 

 

 

Year Ended

 

 

Year Ended

 

 

 

September 30,
2021

 

 

September 30,
2020

 

Federal statutory rates

 

 

21.0

%

 

 

21.0

%

State income taxes, net of federal benefit

 

 

2.4

%

 

 

3.1

%

Permanent differences

 

 

(0.9

)%

 

 

0.2

%

Nondeductible transaction costs

 

 

 

 

 

1.3

%

Stock compensation

 

 

1.7

%

 

 

0.0

%

Bargain gain - purchase accounting

 

 

 

 

 

(2.0

)%

PPP loan forgiveness

 

 

(3.3

)%

 

 

 

Property and equipment adjustment

 

 

0.5

%

 

 

7.4

%

Change in valuation allowance

 

 

(0.6

)%

 

 

 

Other

 

 

1.0

%

 

 

0.7

%

Effective rate

 

 

21.8

%

 

 

31.7

%

Schedule of Deferred Income Tax Assets and Liabilities

At September 30, 2021 and 2020, deferred income tax assets and liabilities were comprised of:

 

 

 

 

 

 

 

 

 

 

September 30,
2021

 

 

September 30,
2020

 

Deferred income tax assets (liabilities):

 

 

 

 

 

 

Allowance for bad debts

 

$

15

 

 

$

247

 

Accrued expenses

 

 

168

 

 

 

 

Inventory

 

 

836

 

 

 

1,201

 

Accrued compensation

 

 

127

 

 

 

120

 

Net operating loss

 

 

508

 

 

 

2,429

 

Tax credits

 

 

540

 

 

 

489

 

Stock compensation

 

 

1,466

 

 

 

2,290

 

Intangibles

 

 

(2,491

)

 

 

(1,753

)

Property & equipment

 

 

(4,822

)

 

 

(5,476

)

Right of use assets

 

 

(7,616

)

 

 

(8,341

)

Lease liabilities

 

 

9,136

 

 

 

9,525

 

Payroll protection program loans

 

 

 

 

 

1,335

 

Other

 

 

188

 

 

 

51

 

Less: Valuation allowance

 

 

(851

)

 

 

(1,096

)

Total deferred income tax asset (liability)

 

$

(2,796

)

 

$

1,021