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Income Taxes | 12 Months Ended
--- | ---
Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The components of loss before income tax provision are as follows:
| Years Ended September 30, |  |
| 2024 |  | 2023 |  |
U.S. | $ | (8,309) |  |  | $ | (10,259) |  |  |
Non-U.S. | (280) |  |  | (244) |  |  |
Loss before income tax provision | $ | (8,589) |  |  | $ | (10,503) |  |  |
Income tax provision consists of the following:
| Years Ended September 30, |  |
| 2024 |  | 2023 |  |
Current income tax provision (benefit): |  |  |  |  |
U.S. federal | $ | 70 |  |  | $ | — |  |  |
U.S. state and local | 1 |  |  | 1 |  |  |
Non-U.S. | (46) |  |  | 1 |  |  |
Total current tax provision | 25 |  |  | 2 |  |  |
Deferred income tax provision: |  |  |  |  |
U.S. federal | 10 |  |  | 11 |  |  |
U.S. state and local | 2 |  |  | 3 |  |  |
Non-U.S. | — |  |  | — |  |  |
Total deferred tax provision | 12 |  |  | 14 |  |  |
Income tax provision | $ | 37 |  |  | $ | 16 |  |  |
The income tax provision in the accompanying consolidated statements of operations differs from amounts determined by using the statutory rate as follows:
| Years Ended September 30, |  |
| 2024 |  | 2023 |  |
Loss before income tax provision | $ | (8,589) |  |  | $ | (10,503) |  |  |
Income tax benefit at U.S. federal statutory rates | (1,804) |  |  | (2,206) |  |  |
Tax effect of: |  |  |  |  |
Foreign rate differential | (4) |  |  | 46 |  |  |
Permanent items | 59 |  |  | 36 |  |  |
State and local income taxes | 4 |  |  | 5 |  |  |
Federal tax credits | (241) |  |  | (179) |  |  |
Valuation allowance | 1,943 |  |  | 2,303 |  |  |
Other | 80 |  |  | 11 |  |  |
Income tax provision | $ | 37 |  |  | $ | 16 |  |  |
Deferred tax assets and liabilities at September 30 consist of the following:
| 2024 |  | 2023
Deferred tax assets: |  |  |
Net U.S. operating loss carryforwards | $ | 9,407 |  |  | $ | 8,175 |
Net non-U.S. operating loss carryforwards | 629 |  |  | 613 |
Employee benefits | 849 |  |  | 1,088 |
Inventory reserves | — |  |  | 11 |
Allowance for credit losses | 28 |  |  | 57
Intangibles | 296 |  |  | 837 |
Foreign tax credits | 1,724 |  |  | 1,724 |
Other tax credits | 2,175 |  |  | 1,882 |
Other | 1,908 |  |  | 1,079 |
Total deferred tax assets | $ | 17,016 |  |  | $ | 15,466 |
Deferred tax liabilities: |  |  |
Depreciation | (5,308) |  |  | (6,066) |
Inventory reserves | (573) |  |  | — |
Prepaid expenses | (338) |  |  | (355) |
Other | (51) |  |  | (75) |
Total deferred tax liabilities | $ | (6,270) |  |  | $ | (6,496) |
Net deferred tax assets | 10,746 |  |  | 8,970 |
Valuation allowance | (10,900) |  |  | (9,112) |
Net deferred tax liabilities | $ | (154) |  |  | $ | (142) |
At September 30, 2024, the Company has a non-U.S. tax loss carryforward of approximately $5,458 related to the Company’s non-operating subsidiary. The Company’s non-operating subsidiary ceased operations in 2007 and therefore, a valuation allowance has been recorded against the deferred tax asset related to the Irish tax loss carryforward because it is unlikely that such operating loss can be utilized unless the Irish subsidiary resumes operations. The non-operating and Italian tax loss carryforwards do not expire. The Company has $1,724 of foreign tax credit carryforwards that are subject to expiration in fiscal 2025-2028, $1,998 of U.S. general business tax credits that are subject to expiration in 2035-2043, $2,684 of interest expense carryforward that do not expire, and $36,932 of U.S. Federal tax loss carryforwards with $9,107 subject to expiration in fiscal 2037 and $27,825 that do not expire. A valuation allowance has been recorded against the deferred tax assets related to the foreign tax credit carryforwards, U.S. general business credits, interest expense carryforward, and U.S. Federal tax loss carryforwards. The valuation allowance increased during fiscal 2024 related to $2,000 in amounts charged to expense less $212 of reductions charged to other accounts. The valuation allowance increased during fiscal 2023 related to $2,534 in amounts charged to expense less $399 of reductions charged to other accounts. In addition, the Company has $178 of U.S. state tax credit carryforwards subject to expiration in fiscal 2025 and $33,418 of U.S. state and local tax loss carryforwards subject to expiration in fiscal 2026-2044. The U.S. state tax credit carryforwards and U.S. state and local tax loss carryforwards have been fully offset by a valuation allowance. The Company reported liabilities for uncertain tax positions, excluding any related interest and penalties, of $22 for both fiscal 2024 and 2023. If recognized, $22 of the fiscal 2024 uncertain tax positions would impact the effective tax rate. As of September 30, 2024, the Company had accrued interest of $18 and recognized $1 for interest and penalties in operations. The Company classifies interest and penalties on uncertain tax positions as income tax expense. A summary of activity related to the Company’s uncertain tax position is as follows:
| 2024 |  | 2023
Balance at beginning of year | $ | 22 |  |  | $ | 22 |
Decrease due to lapse of statute of limitations | — |  |  | — |
Balance at end of year | $ | 22 |  |  | $ | 22 |
The Company is subject to income taxes in the U.S. federal jurisdiction, Ireland, Italy and various states and local jurisdictions. The Company believes it has appropriate support for its federal income tax returns. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for fiscal years prior to 2021, state and local income tax examinations for fiscal years prior to 2018, or non-U.S. income tax examinations by tax authorities for fiscal years prior to 2008. The Company does not record deferred taxes on the undistributed earnings of its non-U.S. subsidiaries as it does not expect the temporary differences related to those unremitted earnings to reverse in the foreseeable future. As of September 30, 2024, the Company’s non-U.S. subsidiaries had accumulated deficits of approximately $4,824. In October 2024, the Company sold 100% of the share capital of CBlade for cash consideration. No material tax impact is anticipated from the sale.

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