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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2016

Income Tax Disclosure [Abstract]

Provision for Income Tax Expense (Benefit)

The provision for income tax expense (benefit) consists of:

		Years Ended September 30,
		2016				2015
Current:
Federal		$	679,000			$	261,000
State			31,000				37,000
Total current			710,000				298,000
Deferred:
Federal			1,768,000				(1,871,000	)
State			(121,000	)			(154,000	)
Total deferred			1,647,0000				(2,025,000	)
Income tax expense (benefit)		$	2,357,000			$	(1,727,000	)

Reconciliation of the Federal Statutory Tax Rate to the Total Tax Provision

A reconciliation of the federal statutory tax rate to the total tax provision is as follows:

		Years Ended September 30,
		2016				2015
Federal income taxes computed at the statutory rate			34.0	%			(34.0	%)
State income taxes, net of federal benefit			1.5	%			(3.3	%)
Research & development tax refunds & credits			(2.8	%)			(5.2	%)
Dividend received deduction			(2.2	%)			—
Domestic production activities deduction			(1.9	%)			—
Domestic international sales corporation benefits			—				(5.8	%)
Other, net			(3.4	%)			(0.4	%)
Effective income tax rate			25.2	%			(48.7	%)

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consist of the following:

		September 30,
		2016				2015
Deferred Tax Assets:
Accrued liabilities and reserves		$	331,000			$	255,000
Allowance for doubtful accounts			70,000				133,000
Inventory			632,000				—
R&D tax credits carryforwards			871,000				1,114,000
Stock-based compensation			140,000				194,000
Net operating losses carryforwards			73,000				48,000
Unrealized loss on investments			85,000				1,023,000
Other			62,000				14,000
Gross Deferred Tax Assets			2,264,000				2,781,000
Deferred and Other Tax Liabilities:
Domestic international sales corporation			(577,000	)			—
Inventory			—				(43,000	)
Percentage of completion			(1,158,000	)			(415,000	)
Property and equipment			(683,000	)			(806,000	)
Unrecognized tax benefits			(150,000	)			(150,000	)
Other			(12,000	)			(36,000	)
Gross Deferred and Other Tax Liabilities			(2,580,000	)			(1,450,000	)
Net Deferred and Other Income Tax Assets (Liabilities)		$	(316,000	)		$	1,331,000

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319

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