Patriot Transportation Holding (PATI) 10-Q 10 Feb 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Dec. 31, 2021	Feb. 09, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--09-30
Entity File Number	001-36605
Entity Registrant Name	PATRIOT TRANSPORTATION HOLDING, INC.
Entity Central Index Key	0001616741
Entity Tax Identification Number	47-2482414
Entity Incorporation, State or Country Code	FL
Entity Address, Address Line One	200 W. Forsyth St.
Entity Address, Address Line Two	7th Floor
Entity Address, City or Town	Jacksonville
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32202
City Area Code	904
Local Phone Number	396-5733
Title of 12(b) Security	Common Stock, $.10 par value
Trading Symbol	PATI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,450,796

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Current assets:
Cash and cash equivalents	$ 8,700	$ 10,899
Accounts receivable (net of allowance for doubtful accounts of $63 and $86, respectively)	4,379	4,930
Inventory of parts and supplies	943	871
Prepaid tires on equipment	1,266	1,317
Prepaid taxes and licenses	331	448
Prepaid insurance	4,247	4,614
Prepaid expenses, other	268	299
Total current assets	20,134	23,378
Property and equipment, at cost	73,708	77,181
Less accumulated depreciation	52,764	54,497
Net property and equipment	20,944	22,684
Operating lease right-of-use assets	3,129	1,949
Goodwill	3,637	3,637
Intangible assets, net	706	756
Other assets, net	153	156
Total assets	48,703	52,560
Current liabilities:
Accounts payable	1,886	1,858
Federal and state taxes payable	2,360	263
Accrued payroll and benefits	2,849	2,939
Accrued insurance	1,052	1,105
Accrued liabilities, other	901	1,742
Operating lease liabilities, current portion	927	928
Total current liabilities	9,975	8,835
Operating lease liabilities, less current portion	2,342	1,131
Deferred income taxes	4,062	4,062
Accrued insurance	1,537	1,537
Other liabilities	871	879
Total liabilities	18,787	16,444
Commitments and contingencies
Shareholders’ Equity:
Preferred stock, 5,000,000 shares authorized, of which 250,000 shares are designated Series A Junior Participating Preferred Stock; $0.01 par value; None issued and outstanding	0	0
Common stock, $.10 par value; (25,000,000 shares authorized; 3,431,896 and 3,415,643 shares issued and outstanding, respectively)	343	342
Capital in excess of par value	39,425	39,257
Accumulated deficit	(9,941)	(3,572)
Accumulated other comprehensive income, net	89	89
Total shareholders’ equity	29,916	36,116
Total liabilities and shareholders’ equity	$ 48,703	$ 52,560

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Statement of Financial Position [Abstract]
Allowance for Doubtful Accounts, Premiums and Other Receivables	$ 63	$ 86
Preferred shares authorized	5,000,000	5,000,000
Preferred Series A Junior Participating	250,000	250,000
Preferred stock, par value	$ 0.01	$ 0.01
Common stock, par value	$ 0.10	$ 0.10
Common stock, authorized	25,000,000	25,000,000
Common stock, issued	3,431,896	3,415,643
Common stock, outstanding	3,431,896	3,415,643

Consolidated Statements of Inco

Consolidated Statements of Income & Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Operating revenues	$ 20,571	$ 20,228
Cost of operations:
Compensation and benefits	9,084	9,051
Fuel expenses	2,718	2,098
Repairs & tires	1,216	1,381
Other operating	744	813
Insurance and losses	1,810	2,122
Depreciation expense	1,477	1,745
Rents, tags & utilities	673	696
Sales, general & administrative	2,465	2,136
Corporate expenses	533	401
Gain on sale of terminal sites	(8,330)	0
(Gain) Loss on disposition of PP&E	(360)	86
Total cost of operations	12,030	20,529
Total operating profit (loss)	8,541	(301)
Interest income and other	1	2
Interest expense	(5)	(8)
Income (loss) before income taxes	8,537	(307)
Provision for (benefit from) income taxes	2,098	(85)
Net income (loss)	6,439	(222)
Comprehensive Income (loss)	$ 6,439	$ (222)
Earnings per common share:
Basic	$ 1.88	$ (0.07)
Diluted	$ 1.74	$ (0.07)
Number of shares (in thousands) used in computing:
-basic earnings per common share	3,419	3,377
-diluted earnings per common share	3,701	3,377

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 6,439	$ (222)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	1,888	2,155
Non-cash gain of acquisition-related contingent consideration	0	(16)
Deferred income taxes	0	168
Loss (gain) on asset dispositions	(8,717)	72
Stock-based compensation	57	59
Net changes in operating assets and liabilities:
Accounts receivable	551	372
Inventory of parts and supplies	(72)	7
Prepaid expenses	566	477
Other assets	3	18
Accounts payable and accrued liabilities	(956)	(611)
Income taxes payable and receivable	2,097	(253)
Operating lease assets and liabilities, net	(243)	(282)
Long-term insurance liabilities and other long-term liabilities	(8)	(5)
Net cash provided by operating activities	1,605	1,939
Cash flows from investing activities:
Purchase of property and equipment	(948)	(308)
Proceeds from the sale of property, plant and equipment	9,840	33
Net cash provided by (used in) investing activities	8,892	(275)
Cash flows from financing activities:
Dividends paid	(12,808)	(10,132)
Proceeds from exercised stock options	112	0
Net cash used in financing activities	(12,696)	(10,132)
Net decrease in cash and cash equivalents	(2,199)	(8,468)
Cash and cash equivalents at beginning of period	10,899	15,962
Cash and cash equivalents at end of the period	8,700	7,494
Supplemental disclosures of cash flow information:
Interest	4	7
Income taxes	2	0
Right-of-use assets obtained in exchange for operating lease liabilities	$ 1,453	$ 0

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Sep. 30, 2020	$ 338	$ 38,670	$ 5,935	$ 105	$ 45,048
Common Stock, Shares, Outstanding, Beginning Balance at Sep. 30, 2020	3,377,279
Stock-based compensation	$ 0	59	0	0	59
Cash dividends paid ($3.75 per share)	0	0	(10,132)	0	(10,132)
Net income	0	0	(222)	0	(222)
Ending balance, value at Dec. 31, 2020	$ 338	38,729	(4,419)	105	34,753
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2020	3,377,279
Beginning balance, value at Sep. 30, 2021	$ 342	39,257	(3,572)	89	$ 36,116
Common Stock, Shares, Outstanding, Beginning Balance at Sep. 30, 2021	3,415,643				3,415,643
Stock-based compensation	$ 0	57	0	0	$ 57
Exercise of stock options	$ 1	111	0	0	112
Exercise of stock options	16,253
Cash dividends paid ($3.75 per share)	$ 0	0	(12,808)	0	(12,808)
Net income	0	0	6,439	0	6,439
Ending balance, value at Dec. 31, 2021	$ 343	$ 39,425	$ (9,941)	$ 89	$ 29,916
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2021	3,431,896				3,431,896

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	(1) Description of Business and Basis of Presentation Description of Business Company’s Business 85 15 333 281 25 431 18 6 Basis of Presentation These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the three months ended December 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2022. The accompanying consolidated financial statements and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the audited financial statements and notes for the year ended September 30, 2021. Operating Revenues Our revenues are primarily based on a set rate per volume of product hauled to arrive at a desired rate per mile traveled. The rate also incorporates the cost of fuel at an assumed price plus fuel surcharges to address the fluctuation in fuel prices. Over time, the fuel surcharge tables in the industry have become so numerous and varied, both by carriers and customers, that they have simply become a part of the overall rating structure to arrive at that desired price per mile by market. We consider fuel surcharge revenue to be revenue from services rather than other revenues. As a result, the Company determined there is no reason to report fuel surcharges as a separate revenue line item and fuel surcharges are reported as part of Operating revenues.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Dec. 31, 2021
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Standards	(2) Recently Issued Accounting Standards

Related Party Agreements

Related Party Agreements	3 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Agreements	(3) Related Party Agreements The consolidated statements of income reflect charges and/or allocation to FRP Holdings, Inc. for these services of $ 253,000 435,000 We employ an allocation method to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations, but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis.

Long-Term debt

Long-Term debt	3 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Long-Term debt	(4) Long-Term debt no Company The Amended and Restated Credit Agreement Wells Fargo five-year 15 million 25 million 1.10 0.12 25 million no 1,461,000 13,539,000 1 1.15 This credit agreement contains certain conditions, affirmative financial covenants and negative covenants including a minimum tangible net worth. The Company was in compliance with all of its loan covenants as of December 31, 2021. As of December 31, 2021, the tangible net worth covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum of $ 566,000

Earnings per share

Earnings per share	3 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings per share	(5) Earnings per share Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options. The following details the computations of the basic and diluted Earnings per Common Share Three Months ended December 31, 2021 2020 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,419 3,377 Common shares issuable under share based payment plans which are potentially dilutive 282 — Common shares used for diluted earnings per common share 3,701 3,377 Net income (loss) $ 6,439 (222 ) Earnings per common share: -basic $ 1.88 (0.07 ) -diluted $ 1.74 (0.07 ) For the three months ended December 31, 2021, no 617,502

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	(6) Stock-Based Compensation Plans Participation in FRP Plans Prior to the Company’s spin-off from FRP Holdings, Inc. (FRP) in January 2015, the Company's directors, officers and key employees previously were eligible to participate in FRP's 2000 Stock Option Plan and the 2006 Stock Option Plan under which options for shares of common stock were granted to directors, officers and key employees. Post Spin-Off Patriot Incentive Stock Plan As part of the spin-off transaction, the Board of Directors of the Company adopted the Patriot Transportation Holding, Inc. Incentive Stock Plan (“Patriot Plan”) in January, 2015. In exchange for all outstanding FRP options held on January 30, 2015, existing Company directors, officers and key employees holding option grants in the FRP Stock Option Plan(s) were issued new grants in the Patriot and FRP Plans based upon the relative value of Patriot and FRP immediately following the completion of the spin-off with the same remaining terms. All related compensation expense has been allocated to the Company (rather than FRP) and included in corporate expenses. The number of common shares available for future issuance in the Patriot Plan was 57,795 On November 15, 2021, the Company paid an extraordinary dividend of $ 3.75 shareholders of record. In accordance with Section 4.2 of the 2006 Stock Incentive Plan, Section 11 of the 2014 Equity Incentive Plan, and Section 409A of the Internal Revenue Code, the Company has adjusted the terms of all stock option grants outstanding and the stock appreciation rights as of the close of business on November 15, 2021. On December 30, 2020, the Company paid an extraordinary dividend of $ 3.00 In December 2016, the Company approved and issued a long-term performance incentive to an officer in the form of stock appreciation rights. As adjusted for the extraordinary dividend the Company granted 257,009 8.66 8.66 500,000 9.1 year 379,000 350,000 The Company recorded the following Stock Compensation Expense Three Months ended December 31, 2021 2020 Stock option grants $ 57 59 Annual director stock award — — Stock based compensation $ 57 59 A summary of Company stock options is presented below (in thousands, except share and per share amounts): Summary of Stock Options Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value Outstanding at October 1, 2021 604,005 $ 10.80 6.5 $ 1,931 Forfeited (67,975 ) 6.19 (112 ) Exercised (16,253 ) 6.89 (21 ) Dividend Adjustment 288,099 Outstanding at December 31, 2021 (a) 807,876 $ 7.41 6.0 $ 1,798 Exercisable at December 31, 2021 564,653 $ 7.89 5.1 $ 1,381 Vested during three months ended December 31, 2021 132,331 $ 251 (a) The Company stock option intrinsic values were adjusted as of November 15, 2021, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted. The aggregate intrinsic value of exercisable Company options was $ 341,000 768,000 8.07 The realized tax benefit from option exercises during the three months ended December 31, 2021 was $ 7,000 510,000 3.0

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	(7) Fair Value Measurements At December 31, 2021 and September 30, 2021, the carrying amount reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and other financial instruments approximate their fair value based upon the short-term nature of these items.

Contingent liabilities

Contingent liabilities	3 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingent liabilities	(8) Contingent liabilities

Concentrations

Concentrations	3 Months Ended
	Dec. 31, 2021
Risks and Uncertainties [Abstract]
Concentrations	(9) Concentrations Market: Customers 58.1 18.9 2,548,000 2,843,000 Deposits account at Wells Fargo Bank, N.A. The balance in the cash account may exceed FDIC limits.

Unusual or Infrequent Items Imp

Unusual or Infrequent Items Impacting Results	3 Months Ended
	Dec. 31, 2021
Unusual or Infrequent Items, or Both [Abstract]
Unusual or Infrequent Items Impacting Results	(10) Unusual or Infrequent Items Impacting Results 9,600,000 6,281,000 6.3 million 13 million

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the three months ended December 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2022. The accompanying consolidated financial statements and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the audited financial statements and notes for the year ended September 30, 2021.
Operating Revenues	Operating Revenues Our revenues are primarily based on a set rate per volume of product hauled to arrive at a desired rate per mile traveled. The rate also incorporates the cost of fuel at an assumed price plus fuel surcharges to address the fluctuation in fuel prices. Over time, the fuel surcharge tables in the industry have become so numerous and varied, both by carriers and customers, that they have simply become a part of the overall rating structure to arrive at that desired price per mile by market. We consider fuel surcharge revenue to be revenue from services rather than other revenues. As a result, the Company determined there is no reason to report fuel surcharges as a separate revenue line item and fuel surcharges are reported as part of Operating revenues.

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings per Common Share	The following details the computations of the basic and diluted Earnings per Common Share Three Months ended December 31, 2021 2020 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,419 3,377 Common shares issuable under share based payment plans which are potentially dilutive 282 — Common shares used for diluted earnings per common share 3,701 3,377 Net income (loss) $ 6,439 (222 ) Earnings per common share: -basic $ 1.88 (0.07 ) -diluted $ 1.74 (0.07 )

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock Compensation Expense	The Company recorded the following Stock Compensation Expense Three Months ended December 31, 2021 2020 Stock option grants $ 57 59 Annual director stock award — — Stock based compensation $ 57 59
Summary of Stock Options	A summary of Company stock options is presented below (in thousands, except share and per share amounts): Summary of Stock Options Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value Outstanding at October 1, 2021 604,005 $ 10.80 6.5 $ 1,931 Forfeited (67,975 ) 6.19 (112 ) Exercised (16,253 ) 6.89 (21 ) Dividend Adjustment 288,099 Outstanding at December 31, 2021 (a) 807,876 $ 7.41 6.0 $ 1,798 Exercisable at December 31, 2021 564,653 $ 7.89 5.1 $ 1,381 Vested during three months ended December 31, 2021 132,331 $ 251 (a) The Company stock option intrinsic values were adjusted as of November 15, 2021, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted.

Description of Business and B_3

Description of Business and Basis of Presentation (Details Narrative)	Dec. 31, 2021Integer
Product Information [Line Items]
Number of revenue producing drivers	333
Number of company tractors	281
Number of owner operator drivers	25
Number of company trailers	431
Number of terminals	18
Number of satellite locations	6
Petroleum Products [Member]
Product Information [Line Items]
Percent of dry bulk business	85.00%
Other Products [Member]
Product Information [Line Items]
Percent of dry bulk business	15.00%

Related Party Agreements (Detai

Related Party Agreements (Details Narrative) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transactions [Abstract]
Related party transactions	$ 253,000	$ 435,000

Long-Term debt (Details Narrati

Long-Term debt (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Jul. 31, 2021	Dec. 31, 2021	Sep. 30, 2021
Line of Credit Facility [Line Items]
Outstanding debt		$ 0	$ 0
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Outstanding debt		0
Term of credit agreement	5 years
Maximum facility amount		15,000,000
Increase limit		$ 25,000,000
Interest over SOFR		1.10%
Commitment fee		0.12%
Minimum tangible net worth		$ 25,000,000
LOC Commitments		1,461,000
Available for borrowing		$ 13,539,000
Letter of credit fee		1.00%
Applicable interest rate for borrowing		1.15%
Maximum dividends		$ 566,000

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	3,419	3,377
Common shares issuable under share based payment plans which are potentially dilutive	282	0
Common shares used for diluted earnings per common share	3,701	3,377
Net income (loss)	$ 6,439	$ (222)
-basic	$ 1.88	$ (0.07)
-diluted	$ 1.74	$ (0.07)

Earnings per share (Details Nar

Earnings per share (Details Narrative) - shares	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Anti-dilutive stock options	0	617,502

Stock Compensation Expense (Det

Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation	$ 57	$ 59
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation	57	59
Director Stock Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation	$ 0	$ 0

Summary of Stock Options (Detai

Summary of Stock Options (Details) - Share-based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2021		Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding	807,876	[1]	604,005
Weighted average exercise price, outstanding	$ 7.41	[1]	$ 10.80
Weighted average remaining term, outstanding	6 years	[1]	6 years 5 months 30 days
Weighted average grant date fair value, outstanding	$ 1,798	[1]	$ 1,931
Shares forfeited	(67,975)
Weighted average exercise price, forfeited	$ 6.19
Weighted average grant date fair value, forfeited	$ (112)
Shares exercised	(16,253)
Weighted average exercise price, exercised	$ 6.89
Weighted average grant date fair value, exercised	$ (21)
Dividend adjustment	288,099
Shares exercisable	564,653
Weighted average exercise price, exercisable	$ 7.89
Weighted average remaining term, exercisable	5 years 1 month 4 days
Weighted average grant date fair value, exercisable	$ 1,381
Shares vested	132,331
Weighted average grant date fair value, vested	$ 251
[1]	The Company stock option intrinsic values were adjusted as of November 15, 2021, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted.

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares available for future issuance		57,795
Market closing price		$ 8.07
Realized tax benefit from option exercises		$ 7,000
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock appreciation rights	257,009
Market closing price		$ 8.66
Minimum cash award	$ 500,000
Vesting period for SAR	9 years 1 month 3 days
Accrued liability under SAR		$ 379,000	$ 350,000
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value, exercisable options		341,000
Aggregate intrinsic value, outstanding in-the-money		768,000
Unrecognized compensation		$ 510,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		3 years
Dividend Paid [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Extraordinary dividend		$ 3.75	$ 3

Concentrations (Details Narrati

Concentrations (Details Narrative) - USD ($)	3 Months Ended
	Dec. 31, 2021	Sep. 30, 2021
Top Ten Customers [Member]
Concentration Risk [Line Items]
One customer revenue	58.10%
Top Customers [Member]
Concentration Risk [Line Items]
One customer revenue	18.90%
Top Ten Custpmers [Member]
Concentration Risk [Line Items]
Ten largest customers AR	$ 2,548,000	$ 2,843,000

Unusual or Infrequent Items I_2

Unusual or Infrequent Items Impacting Results (Details Narrative) - Tampa Terminal [Member]	Oct. 18, 2021USD ($)
Unusual or Infrequent Item, or Both [Line Items]
Sales price of Tampa terminal	$ 9,600,000
After tax net income from Tampa terminal sale	6,281,000
Tangible net worth covenant after Tampa terminal sale	$ 13,000,000