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INCOME TAXES | 12 Months Ended
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Sep. 30, 2024
INCOME TAXES |
INCOME TAXES | 8. INCOME TAXES: ​ The components of income tax expense from operations for fiscal 2024 and fiscal 2023 consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Current: Federal | ​ | $ | 2,998,194 | ​ | $ | 2,324,897
Current: State | ​ |  | 671,450 | ​ |  | 791,731
​ | ​ |  | 3,669,644 | ​ |  | 3,116,628
Deferred: Federal | ​ |  | (461,826) | ​ |  | 2,199,672
Deferred: State | ​ |  | (81,818) | ​ |  | 389,700
​ | ​ |  | (543,644) | ​ |  | 2,589,372
Income tax expense | ​ | $ | 3,126,000 | ​ | $ | 5,706,000
​ The difference between the Company’s income tax expense in the accompanying consolidated financial statements and the amount that would be calculated using the statutory income tax rate of 21% for both fiscal 2024 and fiscal 2023 on income from operations before income taxes is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Tax at statutory rate | ​ | $ | 1,567,122 | ​ | $ | 3,633,503
Nondeductible business expenses | ​ |  | 1,162,221 | ​ |  | 1,313,864
State income taxes, net of federal tax benefit | ​ |  | 472,853 | ​ |  | 924,567
Tax attributable to non-controlling interest | ​ | ​ | (203,757) | ​ | ​ | (443,831)
Other | ​ |  | 127,561 | ​ |  | 277,897
​ | ​ | $ | 3,126,000 | ​ | $ | 5,706,000
​ Temporary differences between the financial statement carrying balances and tax basis of assets and liabilities giving rise to net deferred tax assets (liabilities) at September 2024 and September 2023 relates to the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Allowance for expected credit losses | ​ | $ | 252,263 | ​ | $ | 253,252
Accrued expenses | ​ |  | — | ​ |  | 273,313
Inventory | ​ |  | 559,277 | ​ |  | 533,723
Other | ​ |  | 838,158 | ​ |  | 618,256
Interest expense limitation | ​ | ​ | 1,667,806 | ​ | ​ | 753,451
Net operating loss carry forwards - state | ​ |  | 697,013 | ​ |  | 697,013
Total gross deferred tax assets | ​ |  | 4,014,517 | ​ |  | 3,129,008
Less: Valuation allowance | ​ |  | (697,013) | ​ |  | (697,013)
Total net deferred tax assets | ​ | ​ | 3,317,504 | ​ | ​ | 2,431,995
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Trade discounts | ​ | ​ | 554,066 | ​ | ​ | 471,126
Operating lease, right-of-use assets | ​ | ​ | 99,488 | ​ | ​ | 97,468
Property and equipment | ​ |  | 5,834,321 | ​ |  | 5,725,493
Goodwill | ​ |  | 921,799 | ​ |  | 921,799
Accrued expenses | ​ | ​ | 117,878 | ​ | ​ | —
Intangible assets | ​ |  | 164,268 | ​ |  | 134,069
Total deferred tax liabilities | ​ | ​ | 7,691,820 | ​ | ​ | 7,349,955
Total net deferred income tax liability | ​ | $ | 4,374,316 | ​ | $ | 4,917,960
​ ​ The Company had a valuation allowance of approximately $0.7 million at both September 2024 and September 2023, against certain state net operating losses, which more likely than not will not be utilized. The Company had no material unrecognized tax benefits, interest, or penalties during fiscal 2024 or fiscal 2023, and the Company does not anticipate any such items during the next twelve months. The Company’s policy is to record interest and penalties directly related to income taxes as income tax expense in the Consolidated Statements of Operations. The Company files income tax returns in the U.S. and various states and the tax years 2021 and forward remain open under U.S. and state statutes.

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