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INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2019

INCOME TAXES

Schedule of components of income tax expense from operations

		2019			2018
Current: Federal		$	1,139,927		$	1,294,253
Current: State			428,501			423,209
			1,568,428			1,717,462
Deferred: Federal			34,466			(470,166)
Deferred: State			6,106			(83,296)
			40,572			(553,462)
Income tax expense		$	1,609,000		$	1,164,000

Schedule of difference between the income tax expense and that which would be calculated using the statutory income tax rate

		2019			2018
Tax at statutory rate		$	1,010,517		$	1,160,247
Nondeductible business expenses			226,670			405,996
State income taxes, net of federal tax benefit			332,931			513,241
Change in deferred tax rate			—			(778,000)
Other			38,882			(137,484)
		$	1,609,000		$	1,164,000

Schedule of temporary differences between the financial statement carrying balances and tax basis of assets and liabilities giving rise to a net deferred tax asset (liabilities)

		2019			2018
Deferred tax assets:
Allowance for doubtful accounts		$	215,925		$	210,734
Accrued expenses			796,542			779,282
Inventory			452,192			272,946
Intangible assets			71,849			—
Other			23,237			23,237
Net operating loss carry forwards - federal			63,983			92,421
Net operating loss carry forwards - state			723,306			697,013
Total gross deferred tax assets			2,347,034			2,075,633
Less: Valuation allowance			(723,306)			(697,013)
Total net deferred tax assets			1,623,728			1,378,620
Deferred tax liabilities:
Trade discounts			375,172			285,439
Property and equipment			2,150,130			1,361,508
Goodwill			921,799			921,799
Intangible assets			—			592,675
Total deferred tax liabilities			3,447,101			3,161,421
Total net deferred income tax liability		$	1,823,373		$	1,782,801

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- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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