Annual report [Section 13 and 15(d), not S-K Item 405]

Note 6 - Income Taxes (Tables)

v3.25.3
Note 6 - Income Taxes (Tables)
12 Months Ended
Sep. 30, 2025
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
   

September 30,

   

September 30,

   

September 30,

 

(In thousands)

 

2025

   

2024

   

2023

 

Current:

                       

Federal

  $ -     $ 385     $ 9,449  

State

    80       (114 )     1,435  

Current income tax expense

    80       271       10,884  

Deferred:

                       

Federal

    1,710       (3,092 )     (1,750 )

State

    567       (427 )     (251 )
Deferred income tax expense (benefit)     2,277       (3,519 )     (2,001 )

Income tax expense (benefit)

  $ 2,357     $ (3,248 )   $ 8,883  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

September 30,

   

September 30,

   

September 30,

 
   

2025

   

2024

   

2023

 

Federal statutory rate

    21.0 %     21.0 %     21.0 %

State income taxes

    2.6 %     6.6 %     2.3 %

Permanent differences

    1.3 %     0.0 %     0.5 %

Research and development credits

    0.6 %     1.1 %     (0.9% )

Section 162(m) limitation on officer’s compensation

    2.7 %     0.0 %     0.0 %

Excess tax benefits from stock-based compensation

    (1.1% )     (1.1% )     (1.7% )

Other

    0.0 %     0.0 %     (0.3% )

Effective tax rate

    27.2 %     27.6 %     20.9 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   

September 30,

   

September 30,

 

(In thousands)

 

2025

   

2024

 

Inventories

  $ 3,521     $ 4,241  

R&D expenses

    1,558       1,328  

Stock-based compensation

    1,223       1,042  
Investment in foreign subsidiary     4,802       -  

Accrued expenses and reserves

    582       427  

Property and equipment depreciation

    654       205  

Net operating loss carry forwards and credits

    804       357  

Total deferred tax asset

  $ 13,144     $ 7,600  

Goodwill

    (906 )     (816 )

Unrealized loss on investments

    -       (16 )

Prepaid expenses

    (284 )     (141 )

Intangibles

    (1,332 )     (254 )

Foreign currency translation gain

    (359 )     (238 )

Total deferred tax liability

  $ (2,881 )   $ (1,465 )

Net deferred tax asset

  $ 10,263     $ 6,135