Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.4
Income Taxes (Tables)
12 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of Income Tax Expense
Income tax expense for the years ended September 30, 2024 and 2023 is as follows (in $000’s):
Year Ended
September 30,
2024
Year Ended
September 30,
2023
Current expense:
Federal $ 1,696  $ 3,821 
State 528  603 
2,224  4,424 
Deferred (benefit) expense:
Federal (5,311) (2,228)
State (1,571) (625)
(6,882) (2,853)
Total income tax (benefit) expense
$ (4,658) $ 1,571 
Schedule of 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, 2024 and 2023:
Year Ended
September 30,
2024
Year Ended
September 30,
2023
Federal statutory rates (21.0  %) 21.0  %
State income taxes, net of federal benefit (6.2  %) 5.9  %
Goodwill impairment
8.8  % —  %
Permanent differences 0.1  % (2.9) %
Transaction costs
—  % 27.9  %
Investments
4.6  % (71.9  %)
Stock compensation —  % 4.9  %
Change in tax rates
3.6  % 41.4  %
Tax credits
(0.2  %) (3.1) %
Change in valuation allowance (4.4) % 73.4  %
Other (0.4) % 0.4  %
Effective rate (15.2  %) 97.0  %
Schedule of Deferred Income Tax Assets and Liabilities
At September 30, 2024 and 2023, deferred income tax assets and liabilities were comprised of (in $000’s):
September 30,
2024
September 30,
2023
Deferred income tax assets (liabilities):
Allowance for bad debts $ 192  $ 167 
Accrued expenses/reserves
24  (25)
Inventory 2,594  1,841 
Accrued compensation 197  180 
Research and development
564  121 
Net operating loss 2,320  2,321 
Tax credits 508  499 
Stock compensation 247  235 
Intangibles (4,972) (7,273)
Property & equipment (12,544) (12,681)
Right of use assets (15,201) (13,933)
Lease liabilities 17,192  15,256 
Interest carryforwards
4,827  1,452 
Investments
—  253 
Capital loss carryforwards
—  1,156 
Subtotal income tax assets (liabilities)
(4,052) (10,431)
Less: Valuation allowance (2,215) (3,604)
Total deferred income tax liability
$ (6,267) $ (14,035)