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INCOME TAXES

12 Months Ended

Sep. 30, 2025

INCOME TAXES

INCOME TAXES

16. INCOME TAXES

The components of income taxes are as follows:

​

​	​	​	​	​	​	​
​	​	Year Ended September 30,
​	​ ​ ​	2025		​ ​ ​	2024
​	​	​	​	​	​	​
Federal	​	​	​	​	​	​
Current	​	$	—	​	$	7,218,772
Deferred	​		(10,255)	​		(364,036)
Total	​		(10,255)	​		6,854,736
​	​		​	​		​
State	​		​	​		​
Current	​		222,535	​		1,576,518
Deferred	​		272,894	​		(15,587)
Total	​		495,429	​		1,560,931
​	​		​	​		​
Total income tax expense	​	$	485,174	​	$	8,415,667

​

The Company’s income tax expense and deferred tax assets and liabilities reflect management’s best estimate of current and future taxes to be paid. Significant judgments and estimates are required in the determination of the consolidated income tax expense. The Company’s provision for income taxes is computed by applying a federal rate of 21.0% and a blended state rate of approximately 5.0% to 6.0% to taxable income or loss after consideration of non-taxable and non-deductible items.

The income tax expense for the fiscal year ended September 30, 2025 was $485,000 as compared to $8.4 million for the fiscal year ended September 30, 2024. The decrease was due to a decrease in taxable income for the fiscal year ended September 30, 2025, as compared to the fiscal year ended September 30, 2024.

The effective income tax rate for the fiscal year ended September 30, 2025 was 56.1%, as compared to an effective income tax rate of 25.1% for the fiscal year ended September 30, 2024. Effective income tax rates are estimates and may vary from period to period due to changes in the amount of taxable income or loss, non-taxable and non-deductible expenses.

​

​	​	​	​	​	​
​	​	Twelve Months Ended			​
​	​ ​ ​	September 30, 2025	​ ​ ​	September 30, 2024
​	​	​	​	​	​
Statutory rate		21.0	%	21.0	%
Permanent difference		35.7	%	—	​
State income taxes		13.4	%	4.7	%
Meals and other	​	(14.0)	%	(0.6)	%
Effective tax rate		56.1	%	25.1	%

​

Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, which will result in taxable or deductible amounts in the future. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized.

The Company had $1.5 million and $0 million of federal net operating loss carryforwards at September 30, 2025 and 2024, respectively. The Company had $16.7 million and $20.5 million of state net operating loss carryforwards at September 30, 2025 and 2024, respectively. The state net operating loss carryforwards begin to expire in 2026.

The income tax effects of temporary differences giving rise to the deferred tax assets and liabilities are as follows:

​

​	​	​	​	​	​	​
​	​	September 30,		​	September 30,
​	​ ​ ​	2025		​ ​ ​	2024
Deferred tax liabilities	​	​	​	​	​	​
Property and equipment	​	$	10,057,004	​	$	7,437,645
Other	​	​	1,483,362	​	​	1,509,487
Total deferred tax liabilities	​	$	11,540,366	​	$	8,947,132
​	​	​	​	​	​	​
Deferred income tax assets	​		​	​		​
Accruals and other	​	$	3,215,102	​	$	2,325,671
Net operating loss carryforward-Federal	​	​	1,451,126	​	​	-
Net operating loss carryforward-States	​	​	824,539	​	​	663,548
Net operating loss valuation allowance-States	​	​	(703,928)	​	​	(532,975)
Total deferred tax assets	​	$	4,786,839	​	$	2,456,244
Total net deferred tax liabilities	​	$	6,753,527	​	$	6,490,888

​

The Company does not believe that it has any unrecognized tax benefits included in its consolidated financial statements that require recognition. The Company has not had any settlements in the current period with taxing authorities, nor has it recognized tax benefits as a result of a lapse of the applicable statute of limitations. The Company recognizes interest and penalties accrued related to unrecognized tax benefits, if applicable, in general and administrative expenses.

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The entire disclosure for income tax.

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