Patriot Transportation Holding (PATI) 10-Q 13 May 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 22, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Period Focus	Q2
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		3,480,920

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Current assets:
Cash and cash equivalents	$ 6,794	$ 10,899
Accounts receivable (net of allowance for doubtful accounts of $64 and $86, respectively)	6,179	4,930
Inventory of parts and supplies	1,066	871
Prepaid tires on equipment	1,353	1,317
Prepaid taxes and licenses	232	448
Prepaid insurance	3,621	4,614
Prepaid expenses, other	217	299
Total current assets	19,462	23,378
Property and equipment, at cost	73,694	77,181
Less accumulated depreciation	53,224	54,497
Net property and equipment	20,470	22,684
Operating lease right-of-use assets	2,895	1,949
Goodwill	3,637	3,637
Intangible assets, net	656	756
Other assets, net	149	156
Total assets	47,269	52,560
Current liabilities:
Accounts payable	2,227	1,858
Federal and state taxes payable	1,711	263
Accrued payroll and benefits	2,558	2,939
Accrued insurance	1,077	1,105
Accrued liabilities, other	916	1,742
Operating lease liabilities, current portion	928	928
Total current liabilities	9,417	8,835
Operating lease liabilities, less current portion	2,134	1,131
Deferred income taxes	3,481	4,062
Accrued insurance	1,537	1,537
Other liabilities	866	879
Total liabilities	17,435	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; 3,480,920 and 3,415,643 shares issued and outstanding, respectively)	348	342
Capital in excess of par value	39,831	39,257
Accumulated deficit	(10,431)	(3,572)
Accumulated other comprehensive income, net	86	89
Total shareholders’ equity	29,834	36,116
Total liabilities and shareholders’ equity	$ 47,269	$ 52,560

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Statement of Financial Position [Abstract]
Allowance for Doubtful Accounts, Premiums and Other Receivables	$ 64	$ 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, outstanding	3,480,920	3,415,643
Common stock, issued	3,480,920	3,415,643

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Operating revenues	$ 20,928	$ 19,728	$ 41,499	$ 39,956
Cost of operations:
Compensation and benefits	8,962	8,687	18,046	17,738
Fuel expenses	3,160	2,464	5,878	4,562
Repairs & tires	1,445	1,336	2,661	2,717
Other operating	710	755	1,454	1,568
Insurance and losses	2,574	1,929	4,384	4,051
Depreciation expense	1,406	1,671	2,883	3,416
Rents, tags & utilities	708	703	1,381	1,399
Sales, general & administrative	2,152	2,141	4,617	4,277
Corporate expenses	569	689	1,102	1,090
Gain on sale of terminal sites	0	(1,431)	(8,330)	(1,431)
(Gain) loss on disposition of PP&E	(119)	113	(479)	199
Total cost of operations	21,567	19,057	33,597	39,586
Total operating profit (loss)	(639)	671	7,902	370
Interest income and other	3	1	4	3
Interest expense	(4)	(7)	(9)	(15)
Income (loss) before income taxes	(640)	665	7,897	358
Provision for (benefit from) income taxes	(150)	181	1,948	96
Net income (loss)	(490)	484	5,949	262
Unrealized investment losses, net	(3)	0	(3)	0
Comprehensive income (loss)	$ (493)	$ 484	$ 5,946	$ 262
Earnings per common share:
Basic	$ (0.14)	$ 0.14	$ 1.73	$ 0.08
Diluted	$ (0.14)	$ 0.14	$ 1.63	$ 0.08
Number of shares (in thousands) used in computing:
-basic earnings per common share	3,458	3,393	3,439	3,385
-diluted earnings per common share	3,458	3,394	3,658	3,390

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 5,949	$ 262
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,654	4,205
Non-cash gain of acquisition-related contingent consideration	0	(16)
Deferred income taxes	(581)	(1,018)
Gain on asset dispositions	(8,858)	(1,246)
Stock-based compensation	265	341
Net changes in operating assets and liabilities:
Accounts receivable	(1,249)	64
Inventory of parts and supplies	(195)	(32)
Prepaid expenses	1,255	767
Other assets	3	37
Accounts payable and accrued liabilities	(866)	(967)
Income taxes payable and receivable	1,448	446
Operating lease assets and liabilities, net	(432)	(548)
Long-term insurance liabilities and other long-term liabilities	(13)	(9)
Net cash provided by operating activities	380	2,286
Cash flows from investing activities:
Purchase of property and equipment	(2,165)	(594)
Proceeds from the sale of property, plant and equipment	10,173	1,874
Net cash provided by investing activities	8,008	1,280
Cash flows from financing activities:
Dividends paid	(12,808)	(10,132)
Proceeds from exercised stock options	315	0
Net cash used in financing activities	(12,493)	(10,132)
Net decrease in cash and cash equivalents	(4,105)	(6,566)
Cash and cash equivalents at beginning of period	10,899	15,962
Cash and cash equivalents at end of the period	6,794	9,396
Supplemental disclosures of cash flow information:
Interest	8	14
Income taxes	1,080	667
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	122	0	0	122
Director grant	$ 2	217	0	0	219
Stock Issued During Period, Shares, Issued for Services	24,867
Dividends	$ 0	0	(10,132)	0	(10,132)
Net loss	0	0	262	0	262
Unrealized investment losses, net					0
Ending balance, value at Mar. 31, 2021	$ 340	39,009	(3,935)	105	35,519
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2021	3,402,146
Beginning balance, value at Dec. 31, 2020	$ 338	38,729	(4,419)	105	34,753
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2020	3,377,279
Stock-based compensation	$ 0	63	0	0	63
Director grant	$ 2	217	0	0	219
Stock Issued During Period, Shares, Issued for Services	24,867
Net loss	$ 0	0	484	0	484
Unrealized investment losses, net					0
Ending balance, value at Mar. 31, 2021	$ 340	39,009	(3,935)	105	35,519
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2021	3,402,146
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	109	0	0	$ 109
Exercise of stock options	4	311	0	0	315
Director grant	$ 2	154	0	0	156
Stock Issued During Period, Shares, Issued for Services	18,900
Dividends	$ 0	0	(12,808)	0	(12,808)
Net loss	0	0	5,949	0	5,949
Unrealized investment losses, net	$ 0	0	0	(3)	(3)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	46,377
Ending balance, value at Mar. 31, 2022	$ 348	39,831	(10,431)	86	$ 29,834
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2022	3,480,920				3,480,920
Beginning balance, value at Dec. 31, 2021	$ 343	39,425	(9,941)	89	$ 29,916
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2021	3,431,896
Stock-based compensation	$ 0	52	0	0	52
Exercise of stock options	3	200	0	0	203
Director grant	$ 2	154	0	0	156
Stock Issued During Period, Shares, Issued for Services	18,900
Net loss	$ 0	0	(490)	0	(490)
Unrealized investment losses, net	$ 0	0	0	(3)	(3)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	30,124
Ending balance, value at Mar. 31, 2022	$ 348	$ 39,831	$ (10,431)	$ 86	$ 29,834
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2022	3,480,920				3,480,920

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	(1) Description of Business and Basis of Presentation Description of Business Company’s Business 84 16 328 272 3 29 410 17 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 six months ended March 31, 2022 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
	Mar. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Standards	(2) Recently Issued Accounting Standards

Related Party Agreements

Related Party Agreements	3 Months Ended
	Mar. 31, 2022
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 $ 223,000 256,000 476,000 691,000 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
	Mar. 31, 2022
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 1.37 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 March 31, 2022. As of March 31, 2022, the tangible net worth covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum of $ 535,000

Earnings per share

Earnings per share	3 Months Ended
	Mar. 31, 2022
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 Six months ended March 31, March 31, 2022 2021 2022 2021 Weighted average common shares outstanding during the period – shares used for basic earnings per common share 3,458 3,393 3,439 3,385 Common shares issuable under share based payment plans which are potentially dilutive — 1 219 5 Common shares used for diluted earnings per common share 3,458 3,394 3,658 3,390 Net income (loss) $ (490 ) 484 5,949 262 Earnings (loss) per common share: -basic $ (0.14 ) 0.14 1.73 0.08 -diluted $ (0.14 ) 0.14 1.63 0.08 For the three and six months ended March 31, 2022, 241,188 27,082 604,005 500,950

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
	Mar. 31, 2022
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 38,895 On November 15, 2021, the Company paid an extraordinary dividend of $ 3.75 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 387,000 357,000 The Company recorded the following Stock compensation expense Three Months ended Six months ended March 31, March 31, 2022 2021 2022 2021 Stock option grants $ 52 63 109 122 Annual director stock award 156 219 156 219 Stock based compensation $ 208 282 265 341 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 (46,377 ) 6.81 (88 ) Dividend Adjustment 288,099 Outstanding at March 31, 2022 (a) 777,752 $ 7.44 5.8 $ 1,731 Exercisable at March 31, 2022 534,529 $ 7.95 4.9 $ 1,314 Vested during six months ended March 31, 2022 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 $ 267,000 673,000 7.98 The realized tax benefit from option exercises during the six months ended March 31, 2022 was $ 18,000 458,000 2.8

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	(7) Fair Value Measurements At March 31, 2022 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
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingent liabilities	(8) Contingent liabilities

Concentrations

Concentrations	3 Months Ended
	Mar. 31, 2022
Risks and Uncertainties [Abstract]
Concentrations	(9) Concentrations Market: Customers 57.7 18.5 3,186,000 2,843,000 Deposits

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
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 six months ended March 31, 2022 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
	Mar. 31, 2022
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 Six months ended March 31, March 31, 2022 2021 2022 2021 Weighted average common shares outstanding during the period – shares used for basic earnings per common share 3,458 3,393 3,439 3,385 Common shares issuable under share based payment plans which are potentially dilutive — 1 219 5 Common shares used for diluted earnings per common share 3,458 3,394 3,658 3,390 Net income (loss) $ (490 ) 484 5,949 262 Earnings (loss) per common share: -basic $ (0.14 ) 0.14 1.73 0.08 -diluted $ (0.14 ) 0.14 1.63 0.08

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	The Company recorded the following Stock compensation expense Three Months ended Six months ended March 31, March 31, 2022 2021 2022 2021 Stock option grants $ 52 63 109 122 Annual director stock award 156 219 156 219 Stock based compensation $ 208 282 265 341
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 (46,377 ) 6.81 (88 ) Dividend Adjustment 288,099 Outstanding at March 31, 2022 (a) 777,752 $ 7.44 5.8 $ 1,731 Exercisable at March 31, 2022 534,529 $ 7.95 4.9 $ 1,314 Vested during six months ended March 31, 2022 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)	Mar. 31, 2022Integer
Product Information [Line Items]
Number of revenue producing drivers	328
Number of company tractors	272
New tractors	3
Number of owner operator drivers	29
Number of company trailers	410
Number of terminals	17
Number of satellite locations	6
Petroleum Products [Member]
Product Information [Line Items]
Percent of other than petroleum based business	84.00%
Other Products [Member]
Product Information [Line Items]
Percent of other than petroleum based business	16.00%

Related Party Agreements (Detai

Related Party Agreements (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Related Party Transactions [Abstract]
Related party transactions	$ 223,000	$ 256,000	$ 476,000	$ 691,000

Long-Term debt (Details Narrati

Long-Term debt (Details Narrative) - USD ($)	1 Months Ended	6 Months Ended
	Jul. 31, 2021	Mar. 31, 2022	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 borrowings		1.37%
Maximum dividends		$ 535,000

Earnings per common share (Deta

Earnings per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period – shares used for basic earnings per common share	3,458	3,393	3,439	3,385
Common shares issuable under share based payment plans which are potentially dilutive	0	1	219	5
Common shares used for diluted earnings per common share	3,458	3,394	3,658	3,390
Net income (loss)	$ (490)	$ 484	$ 5,949	$ 262
-basic	$ (0.14)	$ 0.14	$ 1.73	$ 0.08
-diluted	$ (0.14)	$ 0.14	$ 1.63	$ 0.08

Earnings per share (Details Nar

Earnings per share (Details Narrative) - shares	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Anti-dilutive stock options	241,188	604,005	27,082	500,950

Stock compensation expense (Det

Stock compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation	$ 208	$ 282	$ 265	$ 341
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation	52	63	109	122
Director Stock Award [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation	$ 156	$ 219	$ 156	$ 219

Summary of Stock Options (Detai

Summary of Stock Options (Details) - Share-Based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Mar. 31, 2022		Sep. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares outstanding	777,752	[1]	604,005
Weighted average exercise price, outstanding	$ 7.44	[1]	$ 10.80
Weighted average remaining term, outstanding	5 years 9 months 17 days	[1]	6 years 5 months 30 days
Weighted average grant date fair value, outstanding	$ 1,731	[1]	$ 1,931
Shares forfeited	(67,975)
Weighted average exercise price, forfeited	$ 6.19
Weighted average grant date fair value, forfeited	$ (112)
Shares exercised	(46,377)
Weighted average exercise price, exercised	$ 6.81
Weighted average grant date fair value, exercised	$ (88)
Dividend adjustment	288,099
Shares exercisable	534,529
Weighted average exercise price, exercisable	$ 7.95
Weighted average remaining term, exercisable	4 years 10 months 23 days
Weighted average grant date fair value, exercisable	$ 1,314
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		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2022	Mar. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common shares available for future issuance				38,895
Market closing price				$ 7.98
Realized tax benefit from option exercises				$ 18,000
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				$ 387,000	$ 357,000
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate intrinsic value, exercisable options				267,000
Aggregate intrinsic value, outstanding in-the-money options				673,000
Unrecognized compensation				$ 458,000
Weighted average period				2 years 9 months 18 days
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 ($)	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021
Top Ten Customers [Member]
Concentration Risk [Line Items]
One customer revenue	57.70%
Top Customers [Member]
Concentration Risk [Line Items]
One customer revenue	18.50%
Top Ten Custpmers [Member]
Concentration Risk [Line Items]
Ten largest customers AR	$ 3,186,000	$ 2,843,000