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Note 13 - Income Taxes
 9 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

13.

INCOME TAXES

 

For the nine months ended June 30, 2022, the Company recorded income tax benefit of $367 reflecting an effective tax rate of 30.07%. For the nine months ended June 30, 2021, the Company recorded income tax expense of $506 reflecting an effective tax rate of 22.48%. The Company expects to utilize its deferred tax asset in the future, except for those related to federal R&D tax credit carryforwards and net operating loss carryforwards, R&D credits and foreign tax credits related to Genasys Spain and Genasys Canada and continues to maintain a partial allowance.

 

ASC 740, Accounting for Uncertainty in Income Taxes, requires the Company to recognize in its consolidated financial statements uncertainties in tax positions taken that may not be sustained upon examination by the taxing authorities. If interest or penalties are assessed, the Company would recognize these charges as income tax expense. The Company has not recorded any income tax expense or benefit for uncertain tax positions.