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Income Taxes (Tables) | 12 Months Ended
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Sep. 30, 2020
Income Tax Disclosure [Abstract] |
Reconciliation of Income Tax Expense | Income tax expense for the years ended September 30, 2020 and 2019 is as follows:
|  | Year Ended |  |  | Year Ended |
|  | September 30, 2020 |  |  | September 30, 2019 |
Current expense: |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |
State |  |  | 887 |  |  |  | 237 |
|  |  | 887 |  |  |  | 237 |
Deferred expense: |  |  |  |  |  |  |  |
Federal |  |  | 4,160 |  |  |  | (1,024 | )
State |  |  | (84 | ) |  |  | (1,226 | )
Change in valuation allowance |  |  | (6 | ) |  |  | 388 |
|  |  | 4,070 |  |  |  | (1,862 | )
Total income tax expense |  | $ | 4,957 |  |  | $ | (1,625 | )
Reconciliation between Effective and Statutory Income Tax Rates | A reconciliation of the differences between the effective and statutory income tax rates for years ended September 30, 2020 and 2019:
|  | Year Ended |  |  | Year Ended |
|  | September 30, 2020 |  |  | September 30, 2019 |
Federal statutory rates |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal benefit |  |  | 3.1 | % |  |  | 11.3 | %
Permanent differences |  |  | 1.5 | % |  |  | -0.9 | %
Bargain gain - purchase accounting |  |  | (2.0 | )% |  |  | — |
Property & equipment adjustment |  |  | 7.4 | % |  |  | (0.5 | )%
Federal carryforward attributes trued up |  |  | — |  |  |  | 4.8 | %
Change in valuation allowance |  |  | — |  |  |  | -6.9 | %
Other |  |  | 0.7 | % |  |  | — |
Effective rate |  |  | 31.7 | % |  |  | 28.8 | %
Schedule of Deferred Income Tax Assets and Liabilities | At September 30, 2020 and 2019, deferred income tax assets and liabilities were comprised of:
|  | September 30, 2020 |  |  | September 30, 2019 |
Deferred income tax assets (liabilities): |  |  |  |  |  |  |  |
Allowance for bad debts |  | $ | 247 |  |  | $ | 352 |
Accrued expenses |  |  | — |  |  |  | 223 |
Inventory |  |  | 1,201 |  |  |  | 466 |
Accrued compensation |  |  | 120 |  |  |  | 87 |
Net operating loss |  |  | 2,429 |  |  |  | 5,205 |
Disallowed interest carryforward |  |  | — |  |  |  | 1,049 |
Tax credits |  |  | 489 |  |  |  | 27 |
Stock compensation |  |  | 2,290 |  |  |  | 2,232 |
Intangibles |  |  | (1,753 | ) |  |  | (1,142 | )
Property & equipment |  |  | (5,476 | ) |  |  | (2,906 | )
Right of use assets |  |  | (8,341 | ) |  |  | — |
Lease liabilities |  |  | 9,525 |  |  |  | — |
Payroll protection program loans |  |  | 1,335 |  |  |  | — |
Other |  |  | 51 |  |  |  | 5 |
Less: Valuation allowance |  |  | (1,096 | ) |  |  | (729 | )
Total deferred income tax asset |  | $ | 1,021 |  |  | $ | 4,869 |

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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 + Details
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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 + Details
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