Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.4
Income Taxes (Tables)
12 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of Income Tax Expense
Income tax expense for the years ended September 30, 2023 and 2022 is as follows (in $000’s):
Year Ended
September 30,
2023
Year Ended
September 30,
2022
Current expense:
Federal $ 3,821  $ 524 
State 603  329 
4,424  853 
Deferred (benefit) expense:
Federal (2,228) 5,051 
State (625) 971 
(2,853) 6,022 
Total income tax expense $ 1,571  $ 6,875 
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, 2023 and 2022:
Year Ended
September 30,
2023
Year Ended
September 30,
2022
Federal statutory rates 21.0  % 21.0  %
State income taxes, net of federal benefit 5.9  % 4.0  %
Permanent differences (2.9  %) 3.2  %
Transaction costs
27.9  % —  %
Investments
(71.9) % —  %
Bankruptcy gain exclusion —  % (9.0  %)
Stock compensation 4.9  % 3.8  %
Change in tax rates
41.4  % —  %
Tax credits
(3.1  %) —  %
Change in valuation allowance 73.4  % (0.2) %
Other 0.4  % (1.0  %)
Effective rate 97.0  % 21.8  %
Schedule of Deferred Income Tax Assets and Liabilities
At September 30, 2023 and 2022, deferred income tax assets and liabilities were comprised of (in $000’s):
September 30,
2023
September 30,
2022
Deferred income tax assets (liabilities):
Allowance for bad debts $ 167  $ 53 
Accrued expenses/reserves
(25) (172)
Inventory 1,841  1,132 
Accrued compensation 180  150 
Research and development
121  — 
Net operating loss 2,321  508 
Tax credits 499  475 
Stock compensation 235  265 
Intangibles (7,273) (2,952)
Property & equipment (12,681) (8,843)
Right of use assets (13,933) (8,817)
Lease liabilities 15,256  9,609 
Interest carryforwards
1,452  — 
Investments
253  560 
Capital loss carryforwards
1,156  — 
Less: Valuation allowance (3,604) (786)
Total deferred income tax (liability)
$ (14,035) $ (8,818)