Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.2.2
Income Taxes (Tables)
12 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Reconciliation of Income Tax Expense

Income tax expense for the years ended September 30, 2022 and 2021 is as follows (in $000’s):

 

 

 

Year Ended

 

 

Year Ended

 

 

 

September 30,
2022

 

 

September 30,
2021

 

Current expense:

 

 

 

 

 

 

Federal

 

$

524

 

 

$

3,830

 

State

 

 

329

 

 

 

1,015

 

 

 

 

853

 

 

 

4,845

 

Deferred expense:

 

 

 

 

 

 

Federal

 

 

5,051

 

 

 

3,474

 

State

 

 

971

 

 

 

343

 

 

 

 

6,022

 

 

 

3,817

 

Total income tax expense

 

$

6,875

 

 

$

8,662

 

Reconciliation between Effective and Statutory Income Tax Rates reconciliation of the differences between the effective and statutory income tax rates for years ended September 30, 2022 and 2021:

 

 

 

Year Ended

 

 

Year Ended

 

 

 

September 30,
2022

 

 

September 30,
2021

 

Federal statutory rates

 

 

21.0

%

 

 

21.0

%

State income taxes, net of federal benefit

 

 

4.0

%

 

 

2.4

%

Permanent differences

 

 

3.2

%

 

 

(0.9

)%

Bankruptcy gain exclusion

 

 

(9.0

)%

 

 

0.0

%

Stock compensation

 

 

3.8

%

 

 

1.7

%

PPP loan forgiveness

 

 

0.0

%

 

 

(3.3

)%

Property and equipment adjustment

 

 

0.0

%

 

 

0.5

%

Change in valuation allowance

 

 

(0.2

)%

 

 

(0.6

)%

Other

 

 

(1.0

)%

 

 

1.0

%

Effective rate

 

 

21.8

%

 

 

21.8

%

Schedule of Deferred Income Tax Assets and Liabilities

At September 30, 2022 and 2021, deferred income tax assets and liabilities were comprised of (in $000’s):

 

 

 

 

 

 

 

 

 

 

September 30,
2022

 

 

September 30,
2021

 

Deferred income tax assets (liabilities):

 

 

 

 

 

 

Allowance for bad debts

 

$

53

 

 

$

15

 

Accrued expenses

 

 

(172

)

 

 

168

 

Inventory

 

 

1,132

 

 

 

836

 

Accrued compensation

 

 

150

 

 

 

127

 

Net operating loss

 

 

508

 

 

 

508

 

Tax credits

 

 

475

 

 

 

540

 

Stock compensation

 

 

265

 

 

 

1,466

 

Intangibles

 

 

(2,952

)

 

 

(2,491

)

Property & equipment

 

 

(8,843

)

 

 

(4,822

)

Right of use assets

 

 

(8,817

)

 

 

(7,616

)

Lease liabilities

 

 

9,609

 

 

 

9,136

 

Other

 

 

560

 

 

 

188

 

Less: Valuation allowance

 

 

(786

)

 

 

(851

)

Total deferred income tax asset (liability)

 

$

(8,818

)

 

$

(2,796

)