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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Provision for Income Tax Expense (Benefit)

The provision for income tax expense consisted of the following:

		Year Ended September 30,
		2024				2023
Current:
Federal		$	4,718,000			$	4,151,000
State			335,000				279,000
Total current			5,053,000				4,430,000
Deferred:
Federal			609,000				(328,000	)
State			510,000				8,000
Total deferred			1,119,000				(320,000	)
Income tax expense		$	6,172,000			$	4,110,000

Reconciliation of the Federal Statutory Tax Rate to the Total Tax Provision (Benefit)

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

		Year Ended September 30,
		2024				2023
Federal income taxes computed at the statutory rate			21.0	%			21.0	%
State income taxes, net of federal benefit			1.2	%			1.4	%
Unrecognized tax benefits			5.8	%			—
Other, net			1.8	%			(0.5	%)
Effective income tax rate			29.8	%			21.9	%

Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities as of September 30, 2024 and 2023 consisted of the following:

		September 30,
		2024				2023
Deferred Tax Assets:
Accrued liabilities and reserves		$	494,000			$	352,000
Allowance for credit losses			86,000				123,000
Inventory			4,700,000				3,901,000
Unrealized loss on investments			—				554,000
Net operating losses carryforwards			20,000				331,000
Gross Deferred Income Tax Assets			5,300,000				5,261,000
Deferred and Other Tax Liabilities:
Unrealized gain on investments			(233,000	)			—
Property and equipment			(1,643,000	)			(1,918,000	)
Gross Deferred and Other Income Tax Liabilities			(1,876,000	)			(1,918,000	)
Net Deferred and Other Income Tax Assets		$	3,424,000			$	3,343,000

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of our unrecognized tax benefits for the year ended September 30, 2024 is as follows:

		2024
Balance, beginning of year		$	176,000
Additions based on tax positions related to the current year			454,000
Additions based on tax positions of prior years			746,000
Balance, end of year		$	1,376,000

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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

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-Topic 740
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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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