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Provision for Income Taxes | 12 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Provision for Income Taxes | Provision for Income Taxes The significant components of provision for income taxes from continuing operations are summarized as follows for the years ending September 30, 2024 and 2023 (in thousands):
|  | 2024 |  | 2023
Current expense |  | $ | 3,525 |  |  | $ | 3,823 |
Deferred expense |  | (3,175) |  |  | (4,464) |
Income tax expense (benefit) |  | $ | 350 |  |  | $ | (641) |
The following table presents the significant differences between our income taxes at the federal statutory rate and the Company's effective tax rate for continuing operations for the years ending September 30, 2024 and 2023 (in thousands):
|  | 2024 |  | 2023
Income taxes at the federal statutory rate |  | $ | 1,654 |  |  | $ | 187 |
State taxes, net |  | (200) |  |  | (536) |
Other permanent items |  | (1,104) |  |  | (292) |
Income tax expense (benefit) |  | $ | 350 |  |  | $ | (641) |
An analysis of the Company's deferred tax assets and liabilities at September 30, 2024 and 2023 is as follows (in thousands):
|  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Net operating loss carry forwards, net |  | $ | 1,903 |  |  | $ | 855 |
Stock based compensation |  | 732 |  |  | 708 |
Accrued compensation |  | 2,204 |  |  | 2,094 |
Capitalized transaction costs |  | 532 |  |  | 973 |
Right-of-use |  | 1,682 |  |  | 1,669 |
Interest limitation |  | 6,313 |  |  | 2,601 |
Total deferred tax assets |  | $ | 13,366 |  |  | $ | 8,900 |
Less: valuation allowance |  | (1,894) |  |  | (847) |
Total deferred tax assets, net |  | $ | 11,472 |  |  | $ | 8,053 |
Deferred tax liabilities: |  |  |  |
Depreciation on fixed assets |  | (402) |  |  | (418) |
Amortization on identified intangibles and goodwill |  | (4,364) |  |  | (4,050) |
Accrued expenses |  | (461) |  |  | (515) |
Total deferred tax liabilities |  | $ | (5,227) |  |  | $ | (4,983) |
Net deferred tax assets |  | $ | 6,245 |  |  | $ | 3,070 |

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