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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2021

Income Taxes

Schedule of Components of Income Tax Expense (Benefit)

The components of income (loss) before income tax and income tax expense are comprised of the following:

​	​	​	​	​	​	​
​	​	For the Years Ended
​	​	September 30,
​		2021			2020
​	​	(Amounts in thousands)
Income (loss) before income tax (benefit) expense1	​	​	​	​	​	​
U.S.	​	$	1,316		$	(941)
Foreign	​		(173)			(121)
​	​	$	1,143		$	(1,062)
Income tax (benefit) expense:	​	​	​		​	​
Current:	​	​	​		​	​
Federal	​	$	(674)		$	(435)
State	​		(30)			21
Foreign	​		—			—
​	​	$	(704)		$	(414)
Deferred:	​	​	​		​	​
Federal	​	$	1,148		$	548
State	​		—			250
​	​	$	1,148		$	798
​	​	$	444		$	384

​

¹ FY 2021 consists of $678 thousand from continuing operations and $465 thousand from discontinued operations totaling $1,143 thousand.

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate differed from the statutory federal income tax rate due to the following:

​	​	​	​	​	​	​	​	​	​	​	​
​	​	For the Years Ended September 30,
​	​	2021				​	2020
​	​	(Dollar amounts in thousands)
Computed “expected” tax expense (benefit)		$	240		21.0	%	$	(225)		21.2	%
Increases (reductions) in taxes resulting from:	​					​				​	​
State income taxes, net of federal tax benefit	​		(38)		(3.3)	%		(7)		0.7	%
Foreign rate differential	​		13		1.1	%		2		(0.2)	%
Exclusion of PPP Loan Forgiveness Income	​	​	(458)	​	(40.1)	%	​	—	​	—	​
Exclusion of the UK's Gain on Sale of Disc Ops Entity	​	​	(98)	​	(8.6)	%	​	—	​	—	​
Permanent differences	​		(22)		(1.9)	%		(3)		0.3	%
Change in valuation allowance	​		1,598		139.8	%		1,005		(94.7)	%
Research and development credit	​		(116)		(10.1)	%		(107)		10.1	%
Benefit of US Federal NOL carryback	​	​	(359)	​	(31.4)	%	​	(222)	​	20.9	%
Return to Provision Adjustments	​	​	(394)	​	(34.5)	%	​	—	​	—	​
Other items	​		78		6.8	%		(59)		5.5	%
Income tax (benefit) expense	​	$	444		38.8	%	$	384		(36.2)	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company's net deferred tax assets and liabilities as of September 30, 2021 and 2020 are as follows:

​	​	​	​	​	​	​
​	​	September 30,		​	September 30,
​		2021			2020
​	​	(Amounts in thousands)
Deferred tax assets:	​		​	​		​
Pension	​	$	1,006	​	$	1,410
Intangibles	​		61	​		94
Other reserves and accruals	​		628	​		1,131
Inventory reserves and other	​		232	​		684
Federal and state tax credits	​		1,141	​		391
Federal and state net operating loss carryforwards	​		123	​		3
Foreign net operating loss carryforwards	​		2,333	​		1,766
Depreciation and amortization	​		(190)	​		(244)
Gross deferred tax assets	​		5,334	​		5,235
Less: valuation allowance	​		(5,334)	​		(4,086)
Realizable deferred tax asset	​	$	—	​	$	1,149

Schedule of Unrecognized Tax Benefits Roll Forward

​

​	​	​	​	​	​	​
​		For the Year Ended			For the Year Ended
​	​	September 30, 2021		​	September 30, 2020
​	​	(Amounts in thousands)
Balance, beginning of year	​	$	343	​	$	—
Additions for tax positions of current year	​		60	​	​	78
Additions for tax positions of prior years	​		30	​	​	265
Balance, end of period	​	$	433	​	$	343

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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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