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Income Taxes | 12 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Note 8. Income Taxes The Federal and State filings remain subject to examination by tax authorities for tax periods ending after September 30, 2018. The income tax provision for the years ended September 30, 2024 and 2023 consists of the following:
(in thousands) | Years Ended September 30,
2024 |  | 2023 |  |
Current: |  |  |  |  |
Federal income tax | $ | 99 |  |  | $ | (18) |  |  |
State income tax | 34 |  |  | (2) |  |  |
Total current | 133 |  |  | (20) |  |  |
Deferred: |  |  |  |  |
Federal income tax | 2,260 |  |  | 630 |  |  |
State income tax | 616 |  |  | 330 |  |  |
Valuation allowance | 1,588 |  |  | (139) |  |  |
Total deferred | 4,464 |  |  | 821 |  |  |
Income tax provision | $ | 4,597 |  |  | $ | 801 |  |  |
Income tax provision attributable to income before income taxes differed from the amount computed by applying the statutory federal income tax rate of 21% to income before income taxes for each of the years ended September 30, 2024 and September 30, 2023, respectively, as a result of the following:
(in thousands) | Years Ended September 30,
2024 |  | 2023 |  |
| Amount |  | Tax Rate |  | Amount |  | Tax Rate |  |  |  |
Income tax at the statutory federal rate | $ | 2,300 |  |  | 21.0 | % |  | $ | 516 |  |  | 21.0 | % |  |  |  |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal benefit | 514 |  |  | 4.7 | % |  | 265 |  |  | 10.8 | % |  |  |  |
Permanent reconciling items, net | 13 |  |  | 0.1 | % |  | 16 |  |  | 0.7 | % |  |  |  |
Officer life insurance | (16) |  |  | (0.1 | %) |  | 11 |  |  | 0.4 | % |  |  |  |
Non-Controlling Interest - Citree | 130 |  |  | 1.2 | % |  | 37 |  |  | 1.5 | % |  |  |  |
Valuation allowance | 1,588 |  |  | 14.5 | % |  | (139) |  |  | (5.7 | %) |  |  |  |
Other | 68 |  |  | 0.6 | % |  | 95 |  |  | 3.9 | % |  |  |  |
Income tax provision | $ | 4,597 |  |  | 42.0 | % |  | $ | 801 |  |  | 32.6 | % |  |  |  |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of September 30, 2024, and 2023 are presented below:
(in thousands) | September 30,
2024 |  | 2023
Deferred tax assets: |  |  |
Goodwill | $ | 8,986 |  |  | $ | 10,836 |
Inventories | 194 |  |  | 1,307 |
Stock compensation | 190 |  |  | 279 |
Accrued bonus | 145 |  |  | 29 |
Intangibles | 288 |  |  | 345 |
Charitable contribution carryforward | 5,800 |  |  | 5,809 |
Net operating loss | 4,576 |  |  | 3,762 |
Interest expense limitation | 1,605 |  |  | 1,599 |
Other | 115 |  |  | 129 |
Total deferred tax assets | 21,899 |  |  | 24,095 |
Deferred tax liabilities: |  |  |
Property and equipment | 55,954 |  |  | 55,163 |
Investment in Citree | 846 |  |  | 943 |
Prepaid insurance | 215 |  |  | 229 |
Total deferred tax liabilities | 57,015 |  |  | 56,335 |
Valuation allowance | 5,757 |  |  | 4,170 |
Net deferred income tax liabilities | $ | (40,873) |  |  | $ | (36,410) |
The Company has a federal net operating loss carryforward of $20,013 and state net operating loss carryforward of $8,321 at September 30, 2024, which resulted in deferred tax assets of $4,203 and $372, respectively. Both the federal and state net operating losses have an indefinite life. The Company has a partial valuation allowance on our charitable contribution carryforward as of September 30, 2024 and 2023. The valuation allowance at September 30, 2024 and 2023 was $5,757 and $4,170, respectively.

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