Patriot Transportation Holding (PATI) 10-K 9 Dec 22 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Sep. 30, 2022	Dec. 08, 2022	Mar. 31, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float			$ 20,463,894
Entity Common Stock, Shares Outstanding		3,501,289
Auditor Name	Hancock Askew & Co., LLP
Auditor Location	Jacksonville, Florida
Auditor Firm ID	794

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Operating revenues	$ 87,882	$ 81,268	$ 88,713
Cost of operations:
Compensation and benefits	37,906	36,198	39,426
Fuel expenses	13,288	9,630	10,297
Repairs & tires	5,760	5,402	5,940
Other operating	3,027	3,270	3,575
Insurance and losses	8,167	7,261	8,640
Depreciation expense	5,537	6,654	7,383
Rents, tags & utilities	2,650	2,708	2,933
Sales, general & administrative	9,306	8,764	8,936
Corporate expenses	2,011	1,936	2,114
Gain on sale of terminal sites	(8,330)	(1,614)	0
Loss (gain) on disposition of PP&E	(739)	179	(774)
Total cost of operations	78,583	80,388	88,470
Total operating profit	9,299	880	243
Interest income and other	62	5	135
Interest expense	(18)	(27)	(31)
Income before income taxes	9,343	858	347
Provision for income taxes	2,153	233	90
Net income	$ 7,190	$ 625	$ 257
Earnings per common share:
Basic	$ 2.08	$ 0.18	$ 0.08
Diluted	$ 1.98	$ 0.18	$ 0.08
Number of shares (in thousands) used in computing:
-basic earnings per common share	3,459	3,395	3,369
-diluted earnings per common share	3,623	3,408	3,370

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net income	$ 7,190	$ 625	$ 257
Unrealized investment losses, net	(5)	0	0
Loss on retiree health, net	(13)	(16)	(18)
Reclassification adjust for net investment gains realized in net income	0	0	(5)
Comprehensive income	$ 7,172	$ 609	$ 234

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Current assets:
Cash and cash equivalents	$ 8,302	$ 10,899
Accounts receivable (net of allowance for doubtful accounts of $68 and $86, respectively)	5,296	4,930
Inventory of parts and supplies	1,006	871
Prepaid tires on equipment	1,486	1,317
Prepaid taxes and licenses	378	448
Prepaid insurance	3,927	4,614
Prepaid expenses, other	163	299
Total current assets	20,558	23,378
Property, plant and equipment, at cost:
Land	1,911	2,544
Buildings	4,897	5,596
Equipment	66,008	69,041
Property, plant and equipment, gross	72,816	77,181
Less accumulated depreciation	52,567	54,497
Property, plant and equipment, net	20,249	22,684
Operating lease right-of-use assets	2,424	1,949
Goodwill	3,637	3,637
Intangible assets, net	556	756
Other assets, net	142	156
Total assets	47,566	52,560
Current liabilities:
Accounts payable	1,964	1,858
Federal and state taxes payable	594	263
Accrued payroll and benefits	3,208	2,939
Accrued insurance	1,053	1,105
Accrued liabilities, other	1,010	1,742
Operating lease liabilities, current portion	884	928
Total current liabilities	8,713	8,835
Operating lease liabilities, less current portion	1,705	1,131
Deferred income taxes	3,631	4,062
Accrued insurance	1,476	1,537
Other liabilities	854	879
Commitments and contingencies (Note 11)
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; 3,484,004 and 3,415,643 shares issued and outstanding, respectively)	348	342
Capital in excess of par value	39,958	39,257
Accumulated deficit	(9,190)	(3,572)
Accumulated other comprehensive income, net	71	89
Total shareholders' equity	31,187	36,116
Total liabilities and shareholders' equity	$ 47,566	$ 52,560

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Statement of Financial Position [Abstract]
Allowance for Doubtful Accounts, Premiums and Other Receivables	$ 68	$ 86
Preferred stock shares authorized	5,000,000	5,000,000
Series A Junior Participating Preferred stock	250,000	250,000
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	3,484,004	3,415,643
Common stock, shares outstanding	3,484,004	3,415,643

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 7,190,000	$ 625,000	$ 257,000
Adjustments to reconcile net income to  net cash provided by operating activities:
Depreciation and amortization	6,106,000	7,202,000	7,976,000
Non-cash lease expense	960,000	1,015,000	1,095,000
Non-cash gain of acquisition-related contingent consideration	0	(16,000)	(340,000)
Deferred income taxes	(431,000)	(1,025,000)	(1,150,000)
Gain on asset dispositions	(9,130,000)	(1,472,000)	(774,000)
Stock-based compensation	392,000	467,000	574,000
Net changes in operating assets and liabilities:
Accounts receivable	(366,000)	75,000	1,583,000
Inventory of parts and supplies	(135,000)	32,000	46,000
Prepaid expenses	724,000	(2,007,000)	735,000
Other assets	(6,000)	28,000	312,000
Accounts payable and accrued liabilities	(409,000)	(682,000)	(939,000)
Income taxes payable and receivable	331,000	(21,000)	574,000
Operating lease liabilities	(905,000)	(1,079,000)	(1,152,000)
Long-term insurance liabilities and other  long-term liabilities	(86,000)	(370,000)	585,000
Net cash provided by operating activities	4,235,000	2,772,000	9,382,000
Cash flows from investing activities:
Purchase of property and equipment	(5,248,000)	(910,000)	(5,045,000)
Business acquisition	0	0	(1,000,000)
Proceeds from the sale of property, plant and equipment	10,909,000	3,083,000	1,966,000
Net cash provided by (used in) investing activities	5,661,000	2,173,000	(4,079,000)
Cash flows from financing activities:
Dividends paid	(12,808,000)	(10,132,000)	(10,557,000)
Proceeds from exercised stock options	315,000	124,000	0
Net cash used in financing activities	(12,493,000)	(10,008,000)	(10,557,000)
Net increase (decrease) in cash and cash equivalents	(2,597,000)	(5,063,000)	(5,254,000)
Cash and cash equivalents at beginning of year	10,899,000	15,962,000	21,216,000
Cash and cash equivalents at end of the year	8,302,000	10,899,000	15,962,000
Supplemental disclosures of cash flow information:
Interest	16,000	25,000	28,000
Income taxes	2,248,000	1,273,000	658,000
Right-of-use assets obtained in exchange for operating lease liabilities	$ 1,453,000	$ 0	$ 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, 2019	$ 335	$ 38,099	$ 16,235	$ 128	$ 54,797
Common Stock, Shares, Outstanding, Beginning Balance at Sep. 30, 2019	3,351,329
Stock-based compensation	$ 0	239	0	0	239
Shares granted to Directors	$ 3	332	0	0	335
Stock Issued During Period, Shares, Issued for Services	25,950
Cash dividends ($3.75 per share)	$ 0	0	(10,557)	0	(10,557)
Net income	0	0	257	0	257
Loss on retiree health, net	0	0	0	(18)	(18)
Unrealized investment losses, net	0	0	0	0	0
Reclassification adjustment of realized gain, net				(5)	(5)
Ending balance, value at Sep. 30, 2020	$ 338	38,670	5,935	105	45,048
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2020	3,377,279
Stock-based compensation	$ 0	248	0	0	248
Exercise of stock options	1	123	0	0	124
Shares granted to Directors	$ 3	216	0	0	219
Stock Issued During Period, Shares, Issued for Services	24,867
Cash dividends ($3.75 per share)	$ 0	0	(10,132)	0	(10,132)
Net income	0	0	625	0	625
Loss on retiree health, net	0	0	0	(16)	(16)
Unrealized investment losses, net	0	0	0	0	0
Reclassification adjustment of realized gain, net	$ 0	0	0	0	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	13,497
Ending balance, value at Sep. 30, 2021	$ 342	39,257	(3,572)	89	$ 36,116
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2021	3,415,643				3,415,643
Stock-based compensation	$ 0	212	0	0	$ 212
Exercise of stock options	4	311	0	0	315
Shares granted to Directors	$ 2	178	0	0	180
Stock Issued During Period, Shares, Issued for Services	21,984
Cash dividends ($3.75 per share)	$ 0	0	(12,808)	0	(12,808)
Net income	0	0	7,190	0	7,190
Loss on retiree health, net	0	0	0	(13)	(13)
Unrealized investment losses, net	0	0	0	(5)	(5)
Reclassification adjustment of realized gain, net	$ 0	0	0	0	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	46,377
Ending balance, value at Sep. 30, 2022	$ 348	$ 39,958	$ (9,190)	$ 71	$ 31,187
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2022	3,484,004				3,484,004

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 3.75	$ 3	$ 3.15

Accounting Policies

Accounting Policies	12 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Accounting Policies	1. Accounting Policies DESCRIPTION OF BUSINESS 85 15 one PRINCIPLES OF CONSOLIDATION CASH AND CASH EQUIVALENTS INVENTORY TIRES ON EQUIPMENT REVENUE AND EXPENSE RECOGNITION The Company adopted ASU No. 2014-09, “Revenue from Contracts with Customers” on October 1, 2018. Management has identified that a legally enforceable contract with its customers is executed by both parties at the point of pickup of the shipper’s product, as evidenced by the bill of lading. Although the Company may have master agreements with its customers, these master agreements only establish terms. There is no financial obligation to the shipper until the Company takes possession of the load and there are no significant performance obligations after delivery. Revenue is recognized for each individual load and the amount of revenue in progress at the end of each quarter is insignificant. There is no significant amount of judgment or uncertainty in recording revenue. 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. Prior periods have been revised for consistency. ACCOUNTS RECEIVABLE estimated bad debts expense as a selling, general and administrative expense. We estimate the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment. Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer creditworthiness, current economic trends and changes in customer payment terms. Any trade accounts receivable balances written off are charged against the allowance for doubtful accounts. The Company has not experienced any significant credit-related losses in the past three years. PROPERTY AND EQUIPMENT Estimated useful lives Years Building and improvements 7-39 Revenue equipment 7-10 Other equipment 3-10 The Company recorded depreciation expenses for 2022, 2021 and 2020 of $ 5,904,000 7,014,000 7,780,000 IMPAIRMENT OF LONG-LIVED ASSETS GOODWILL one one INSURANCE $250,000 to $500,000 250,000 84,500 250,000 INCOME TAXES from temporary differences between pre-tax income reported in the financial statements and taxable income. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit. The second step is to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the amounts rely upon the determination of the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit, and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. It is the Company’s policy to recognize as additional income tax expense the items of interest and penalties directly related to income taxes. STOCK BASED COMPENSATION PENSION PLAN EARNINGS PER COMMON SHARE USE OF ESTIMATES Certain accounting policies and estimates are of more significance in the financial statement preparation process than others. The most critical accounting policies and estimates include the economic useful lives and salvage values of our vehicles and equipment, impairment of tangible and intangible assets, provisions for uncollectible accounts receivable, estimates of exposures related to our insurance claims plans, and estimates for taxes. To the extent that actual, final outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates, earnings during that accounting period will be affected. ENVIRONMENTAL COMPREHENSIVE INCOME (loss). Other comprehensive income (loss) refers to expenses, gains, and losses that are not included in net income, but rather are recorded directly in shareholder’s equity. RECENTLY ISSUED ACCOUNTING STANDARDS 3,873,000 231,000 4,104,000 There were other recently issued accounting standards that became effective that did not have a material impact on the Company’s financial statements.

Related Party Agreements

Related Party Agreements	12 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Agreements	2. Related Party Agreements The Company provides FRP Holdings, Inc. (FRP) certain services including the services of certain shared executive officers. FRP may be considered a related party due to common significant shareholder ownership and shared common officers. A written agreement exists outlining the terms of such services and the boards of the respective companies amended and extended this agreement for one year effective April 1, 2022. The consolidated statements of income reflect charges and/or allocation to FRP Holdings, Inc. for these services of $ 923,000 1,207,000 1,283,000 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.

Debt

Debt	12 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	3. Debt The Company had no On July 6, 2021, Patriot Transportation Holding, Inc. (the “ 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 4.08 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 September 30, 2022. As of September 30, 2022, the tangible net worth covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum of $ 1,994,000

Leases

Leases	12 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	4. Leases The Company leases certain assets under operating leases, which primarily consist of real estate leases for the corporate office and some of our terminal locations and 29 Operating leases with an initial term of more than 12 months are included in our Consolidated Balance Sheets as Discounted liabilities and corresponding right-of-use assets Asset (Liability) Balance As of September 30, 2022 2021 Right-of-use assets $ 2,424 1,949 Lease liabilities, current $ (884 ) (928 ) Lease liabilities, long-term $ (1,705 ) (1,131 ) As the Company’s operating leases do not provide an implicit rate, the Company utilized its incremental borrowing rate determined by obtaining a quote from their lender and applied to the individual leases. The assumptions underlying the calculation of the Company’s right-of-use assets and lease liabilities are disclosed below. Operating lease assumptions September 30, 2022 Weighted-average Weighted-average Remaining lease term Discount rate Revenue equipment and other leases 1.1 years 3.50 % Real estate leases 1.2 years 3.28 % Future minimum annual lease payments Fiscal Year Total 2023 943 2024 439 2025 245 2026 158 2027 158 Thereafter 730 Total future minimum lease payments $ 2,673 Less: Imputed interest (84 ) Present value of operating lease liabilities $ 2,589 Aggregate expense under operating leases was $ 1,062,000 1,097,000 1,216,000

Earnings Per Share

Earnings Per Share	12 Months Ended
	Sep. 30, 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 Years Ended September 30 2022 2021 2020 Common shares: Weighted average common shares outstanding during the period – shares used for basic earnings per common share 3,459 3,395 3,369 Common shares issuable under share based payment plans which are potentially dilutive 164 13 1 Common shares used for diluted earnings per common share 3,623 3,408 3,370 Net income $ 7,190 625 257 Earnings per common share: Basic $ 2.08 .18 .08 Diluted $ 1.98 .18 .08 For 2022 and 2021, 58,884 500,950

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Sep. 30, 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 35,811 On November 15, 2021, the Company paid an extraordinary dividend of $ 3.75 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 On January 30, 2020, the Company paid an extraordinary dividend of $ 3.00 Patriot utilizes the Black-Scholes valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated based upon assumptions at the time of grant or modification. The revised assumptions due to the revaluation are dividend yield of 0 38 55 .12 .87 0.8 6.0 The dividend yield of 0 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 402,000 372,000 The annual director stock grant was 18,900 8.24 3,084 8.00 24,867 8.80 25,950 12.90 The Company recorded the following Stock compensation expense Years Ended September 30 2022 2021 2020 Stock option grants $ 212 248 239 Annual director stock award 180 219 335 Stock based compensation $ 392 467 574 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, 2019 189,015 $ 21.49 6.3 $ 1,531 Dividend Adjustment 148,877 Granted 68,865 18.40 275 Forfeited (6,035 ) 23.99 (57 ) Outstanding at September 30, 2020 (a) 400,722 $ 14.96 6.6 $ 1,749 Dividend Adjustment 148,067 Granted 78,345 10.00 275 Exercised (13,497 ) 9.17 (45 ) Forfeited (9,632 ) 13.88 (48 ) Outstanding at September 30, 2021 (b) 604,005 $ 10.80 6.5 $ 1,931 Dividend Adjustment 288,099 Exercised (46,377 ) 6.81 (88 ) Forfeited (67,975 ) 6.19 (112 ) Outstanding at September 30, 2022 (c) 777,752 $ 7.44 5.3 $ 1,731 Exercisable at September 30, 2022 534,529 $ 7.95 4.4 $ 1,314 Vested during twelve months ended September 30, 2022 132,331 $ 251 (a) The Company stock option intrinsic values were adjusted as of January 30, 2020, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted. (b) The Company stock option intrinsic values were adjusted as of December 30, 2020, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted. (c) 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 following table summarizes information concerning stock options outstanding at September 30, 2022: Options summarized by exercise price range Shares Weighted Weighted Range of Exercise Under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $5.14 – $6.94 205,102 6.09 7.5 $6.95 - $9.38 38,121 7.49 6.0 243,223 $ 6.31 7.2 Years Exercisable: $5.14 - $6.94 148,983 6.58 6.5 $6.95 - $9.38 326,662 8.08 3.9 $9.39 - $12.68 58,884 10.72 1.7 534,529 $ 7.95 4.4 Years Total (a) 777,752 $ 7.44 5.3 Years (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 $ 337,000 713,000 7.86 The realized tax benefit from option exercises during fiscal 2022 was $ 18,000 355,000 2.5

Income Taxes

Income Taxes	12 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The Provision for or benefit from income taxes 2022 2021 2020 Current: Federal $ 2,365 955 952 State 213 297 280 Current income tax benefit 2,578 1,252 1,232 Deferred (425 ) (1,019 ) (1,142 ) Total $ 2,153 233 90 A reconciliation between the amount of tax shown above and the amount computed at the statutory Federal income tax rate follows (in thousands): Income tax reconciliation 2022 2021 2020 Amount computed at statutory Federal rate $ 1,957 179 75 State income taxes (net of Federal income tax benefit) 320 38 14 Other, net (124 ) 16 1 Provision for income taxes $ 2,153 233 90 In this reconciliation, the category “Other, net” consists of changes in permanent tax differences related to non-deductible expenses, goodwill tax amortization, interest and penalties, and adjustments to prior year estimates. The types of temporary differences and their related tax effects that give rise to Deferred tax assets and deferred tax liabilities 2022 2021 Deferred tax liabilities: Property and equipment $ 4,190 4,547 Prepaid expenses 1,044 1,149 Gross deferred tax liabilities 5,234 5,696 Deferred tax assets: Insurance liabilities 551 583 Employee benefits and other 1,052 1,051 Gross deferred tax assets 1,603 1,634 Net deferred tax liability $ 3,631 4,062 The Company has no Tax returns in the U.S. and various states are subject to audit by taxing authorities. As of September 30, 2022, the earliest tax year that remains open for audit in the Unites States is 2017. We do not have any material unpaid assessments.

Accrued Insurance

Accrued Insurance	12 Months Ended
	Sep. 30, 2022
Accrued Insurance
Accrued Insurance	8. Accrued Insurance The Company has established an accrued liability for the estimated cost in connection with its portion of its risk and health insurance losses incurred and reported. Payments made under a captive agreement for each year’s risk loss fund are scheduled in advance using actuarial methodology. Captive insurance assets available to us to settle risk insurance liabilities are not reported on our balance sheet as we do not control or consolidate the captive. The Accrued insurance liability 2022 2021 Accrued insurance, current portion $ 1,053 1,105 Prepaid insurance claims (2,285 ) (3,088 ) Accrued insurance, non-current 1,476 1,537 Total accrued (prepaid) insurance reported on the Company’s balance sheet $ 244 (446 ) Captive agreement assets 3,672 4,021 Gross insurance liability estimate $ 3,916 3,575

Employee Benefits

Employee Benefits	12 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
Employee Benefits	9. Employee Benefits The Company and certain subsidiaries and related entities (FRP) have a savings/profit sharing plan for the benefit of qualified employees. The savings feature of the plan incorporates the provisions of Section 401(k) of the Internal Revenue Code under which an eligible employee may elect to save a portion (within limits) of their compensation on a tax deferred basis. Patriot contributes to a participant’s account an amount equal to 50 447,000 482,000 534,000 The Company has a Management Security Plan (MSP) for certain key employees. The accruals for future benefits are based upon the remaining years to retirement of the participating employees and other actuarial assumptions. The expense for fiscal 2022, 2021 and 2020 was $ 15,000 17,000 19,000 416,000 468,000 The Company provides certain health benefits for retired employees. Employees may become eligible for those benefits if they were employed by the Company prior to December 10, 1992, meet the service requirements and reach retirement age while working for Patriot. The plan is contributory and unfunded. The Company accrues its allocated estimated cost of retiree health benefits over the years that the employees render service. The accrued postretirement benefit obligation for this plan related to the Company as of September 30, 2022 and 2021 was $ 267,000 252,000 (5,000) (8,000) (12,000) 4.0 3.0 3.0 4.0 3.0 3.0

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	10. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs are those that are unobservable and significant to the overall fair value measurement. At September 30, 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	12 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	11. Contingent Liabilities The Company is involved in litigation on a number of matters and is subject to certain claims which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. There is a reasonable possibility that the Company’s estimate of vehicle and workers’ compensation liability may be understated or overstated but the possible range cannot be estimated. The liability at any point in time depends upon the relative ages and amounts of the individual open claims. In the opinion of management none of these matters are expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Concentrations

Concentrations	12 Months Ended
	Sep. 30, 2022
Risks and Uncertainties [Abstract]
Concentrations	12. Concentrations Market: Customers 58.7 18.3 2,861,000 2,843,000 Deposits

Unusual or Infrequent Items Imp

Unusual or Infrequent Items Impacting Results	12 Months Ended
	Sep. 30, 2022
Unusual or Infrequent Items, or Both [Abstract]
Unusual or Infrequent Items Impacting Results	13. Unusual or Infrequent Items Impacting Results The Company recorded gains due to the reversal of the estimated contingent liability related to the Danfair acquisition. The earned payout liability, estimated to be $ 425,000 69,000 16,000 340,000 Second quarter 2021 net income included $ 1,037,000 .31 133,000 .04 First quarter 2022 net income included $ 6,281,000 1.70

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	14. Goodwill and Intangible Assets The Changes in gross carrying amounts of goodwill Goodwill October 1, 2019 $ 3,431 Danfair Transport acquisition 206 September 30, 2020 3,637 No activity — September 30, 2021 3,637 No activity — September 30, 2022 $ 3,637 The Company assesses goodwill for impairment on an annual basis in the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company reviews intangible assets, including customer value, trade name and non-compete agreements, for impairment, whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of long-lived assets is measured by a comparison of the carrying amount of the asset group to the future undiscounted net cash flows expected to be generated by those assets. If such assets are considered to be impaired, the impairment charge recognized is the amount by which the carrying amounts of the assets exceeds the fair value of the assets. The gross amounts and accumulated amortization (including impairment) of Identifiable intangible assets September 30, 2022 September 30, 2021 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: Customer value 4,440 3,885 4,440 3,689 Trade name 72 72 72 72 Non-compete 74 73 74 69 $ 4,586 $ 4,030 $ 4,586 $ 3,830 Amortization expense for intangible assets was $ 200,000 Estimated amortization expense Amount 2023 $ 197 2024 133 2025 44 2026 44 2027 44 Total $ 462

Business Acquisition

Business Acquisition	12 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Business Acquisition	15. Business Acquisition The Company acquired certain assets of Danfair Transport out of Americus, GA on November 4, 2019. The Company has accounted for this acquisition in accordance with the provisions of ASC 805, Business Combinations (ASC 805). The Company has allocated the purchase price of the business based upon the fair value of the assets acquired and liabilities assumed as follows (in thousands): Danfair Transport Acquisition Consideration: Fair value of consideration transferred (1,425 ) Acquisition related costs expensed $ 38 Recognized amounts of identifiable assets acquired and liabilities assumed: Property and equipment $ 759 Prepaid tires 25 Customer relationships 436 Non-compete agreement 12 Vacation liability assumed (13 ) Total identifiable net assets assumed $ 1,219 Goodwill 206 Total $ 1,425 The goodwill recorded resulting from the acquisition is tax deductible. The earned payout liability, estimated to be $ 425,000 69,000 16,000 340,000

Subsequent Events

Subsequent Events	12 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS 85 15 one
PRINCIPLES OF CONSOLIDATION	PRINCIPLES OF CONSOLIDATION
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS
INVENTORY	INVENTORY
TIRES ON EQUIPMENT	TIRES ON EQUIPMENT
REVENUE AND EXPENSE RECOGNITION	REVENUE AND EXPENSE RECOGNITION The Company adopted ASU No. 2014-09, “Revenue from Contracts with Customers” on October 1, 2018. Management has identified that a legally enforceable contract with its customers is executed by both parties at the point of pickup of the shipper’s product, as evidenced by the bill of lading. Although the Company may have master agreements with its customers, these master agreements only establish terms. There is no financial obligation to the shipper until the Company takes possession of the load and there are no significant performance obligations after delivery. Revenue is recognized for each individual load and the amount of revenue in progress at the end of each quarter is insignificant. There is no significant amount of judgment or uncertainty in recording revenue. 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. Prior periods have been revised for consistency.
PROPERTY AND EQUIPMENT	ACCOUNTS RECEIVABLE estimated bad debts expense as a selling, general and administrative expense. We estimate the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment. Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer creditworthiness, current economic trends and changes in customer payment terms. Any trade accounts receivable balances written off are charged against the allowance for doubtful accounts. The Company has not experienced any significant credit-related losses in the past three years. PROPERTY AND EQUIPMENT Estimated useful lives Years Building and improvements 7-39 Revenue equipment 7-10 Other equipment 3-10 The Company recorded depreciation expenses for 2022, 2021 and 2020 of $ 5,904,000 7,014,000 7,780,000
IMPAIRMENT OF LONG-LIVED ASSETS	IMPAIRMENT OF LONG-LIVED ASSETS
GOODWILL	GOODWILL one one
INSURANCE	INSURANCE $250,000 to $500,000 250,000 84,500 250,000
INCOME TAXES	INCOME TAXES from temporary differences between pre-tax income reported in the financial statements and taxable income. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit. The second step is to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the amounts rely upon the determination of the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit, and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. It is the Company’s policy to recognize as additional income tax expense the items of interest and penalties directly related to income taxes.
STOCK BASED COMPENSATION	STOCK BASED COMPENSATION
PENSION PLAN	PENSION PLAN
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE
USE OF ESTIMATES	USE OF ESTIMATES Certain accounting policies and estimates are of more significance in the financial statement preparation process than others. The most critical accounting policies and estimates include the economic useful lives and salvage values of our vehicles and equipment, impairment of tangible and intangible assets, provisions for uncollectible accounts receivable, estimates of exposures related to our insurance claims plans, and estimates for taxes. To the extent that actual, final outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates, earnings during that accounting period will be affected.
ENVIRONMENTAL	ENVIRONMENTAL
COMPREHENSIVE INCOME	COMPREHENSIVE INCOME (loss). Other comprehensive income (loss) refers to expenses, gains, and losses that are not included in net income, but rather are recorded directly in shareholder’s equity.
RECENTLY ISSUED ACCOUNTING STANDARDS	RECENTLY ISSUED ACCOUNTING STANDARDS 3,873,000 231,000 4,104,000 There were other recently issued accounting standards that became effective that did not have a material impact on the Company’s financial statements.

Accounting Policies (Tables)

Accounting Policies (Tables)	12 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Estimated useful lives	PROPERTY AND EQUIPMENT Estimated useful lives Years Building and improvements 7-39 Revenue equipment 7-10 Other equipment 3-10

Leases (Tables)

Leases (Tables)	12 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Discounted liabilities and corresponding right-of-use assets	Operating leases with an initial term of more than 12 months are included in our Consolidated Balance Sheets as Discounted liabilities and corresponding right-of-use assets Asset (Liability) Balance As of September 30, 2022 2021 Right-of-use assets $ 2,424 1,949 Lease liabilities, current $ (884 ) (928 ) Lease liabilities, long-term $ (1,705 ) (1,131 )
Operating lease assumptions	Operating lease assumptions September 30, 2022 Weighted-average Weighted-average Remaining lease term Discount rate Revenue equipment and other leases 1.1 years 3.50 % Real estate leases 1.2 years 3.28 %
Future minimum annual lease payments	Future minimum annual lease payments Fiscal Year Total 2023 943 2024 439 2025 245 2026 158 2027 158 Thereafter 730 Total future minimum lease payments $ 2,673 Less: Imputed interest (84 ) Present value of operating lease liabilities $ 2,589

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings per common share	The following details the computations of the basic and diluted Earnings per common share Years Ended September 30 2022 2021 2020 Common shares: Weighted average common shares outstanding during the period – shares used for basic earnings per common share 3,459 3,395 3,369 Common shares issuable under share based payment plans which are potentially dilutive 164 13 1 Common shares used for diluted earnings per common share 3,623 3,408 3,370 Net income $ 7,190 625 257 Earnings per common share: Basic $ 2.08 .18 .08 Diluted $ 1.98 .18 .08

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	The Company recorded the following Stock compensation expense Years Ended September 30 2022 2021 2020 Stock option grants $ 212 248 239 Annual director stock award 180 219 335 Stock based compensation $ 392 467 574
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, 2019 189,015 $ 21.49 6.3 $ 1,531 Dividend Adjustment 148,877 Granted 68,865 18.40 275 Forfeited (6,035 ) 23.99 (57 ) Outstanding at September 30, 2020 (a) 400,722 $ 14.96 6.6 $ 1,749 Dividend Adjustment 148,067 Granted 78,345 10.00 275 Exercised (13,497 ) 9.17 (45 ) Forfeited (9,632 ) 13.88 (48 ) Outstanding at September 30, 2021 (b) 604,005 $ 10.80 6.5 $ 1,931 Dividend Adjustment 288,099 Exercised (46,377 ) 6.81 (88 ) Forfeited (67,975 ) 6.19 (112 ) Outstanding at September 30, 2022 (c) 777,752 $ 7.44 5.3 $ 1,731 Exercisable at September 30, 2022 534,529 $ 7.95 4.4 $ 1,314 Vested during twelve months ended September 30, 2022 132,331 $ 251 (a) The Company stock option intrinsic values were adjusted as of January 30, 2020, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted. (b) The Company stock option intrinsic values were adjusted as of December 30, 2020, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted. (c) 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.
Options summarized by exercise price range	The following table summarizes information concerning stock options outstanding at September 30, 2022: Options summarized by exercise price range Shares Weighted Weighted Range of Exercise Under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $5.14 – $6.94 205,102 6.09 7.5 $6.95 - $9.38 38,121 7.49 6.0 243,223 $ 6.31 7.2 Years Exercisable: $5.14 - $6.94 148,983 6.58 6.5 $6.95 - $9.38 326,662 8.08 3.9 $9.39 - $12.68 58,884 10.72 1.7 534,529 $ 7.95 4.4 Years Total (a) 777,752 $ 7.44 5.3 Years (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.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Provision for or benefit from income taxes	The Provision for or benefit from income taxes 2022 2021 2020 Current: Federal $ 2,365 955 952 State 213 297 280 Current income tax benefit 2,578 1,252 1,232 Deferred (425 ) (1,019 ) (1,142 ) Total $ 2,153 233 90
Income tax reconciliation	A reconciliation between the amount of tax shown above and the amount computed at the statutory Federal income tax rate follows (in thousands): Income tax reconciliation 2022 2021 2020 Amount computed at statutory Federal rate $ 1,957 179 75 State income taxes (net of Federal income tax benefit) 320 38 14 Other, net (124 ) 16 1 Provision for income taxes $ 2,153 233 90
Deferred tax assets and deferred tax liabilities	The types of temporary differences and their related tax effects that give rise to Deferred tax assets and deferred tax liabilities 2022 2021 Deferred tax liabilities: Property and equipment $ 4,190 4,547 Prepaid expenses 1,044 1,149 Gross deferred tax liabilities 5,234 5,696 Deferred tax assets: Insurance liabilities 551 583 Employee benefits and other 1,052 1,051 Gross deferred tax assets 1,603 1,634 Net deferred tax liability $ 3,631 4,062

Accrued Insurance (Tables)

Accrued Insurance (Tables)	12 Months Ended
	Sep. 30, 2022
Accrued Insurance
Accrued insurance liability	The Accrued insurance liability 2022 2021 Accrued insurance, current portion $ 1,053 1,105 Prepaid insurance claims (2,285 ) (3,088 ) Accrued insurance, non-current 1,476 1,537 Total accrued (prepaid) insurance reported on the Company’s balance sheet $ 244 (446 ) Captive agreement assets 3,672 4,021 Gross insurance liability estimate $ 3,916 3,575

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in gross carrying amounts of goodwill	The Changes in gross carrying amounts of goodwill Goodwill October 1, 2019 $ 3,431 Danfair Transport acquisition 206 September 30, 2020 3,637 No activity — September 30, 2021 3,637 No activity — September 30, 2022 $ 3,637
Identifiable intangible assets	The gross amounts and accumulated amortization (including impairment) of Identifiable intangible assets September 30, 2022 September 30, 2021 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: Customer value 4,440 3,885 4,440 3,689 Trade name 72 72 72 72 Non-compete 74 73 74 69 $ 4,586 $ 4,030 $ 4,586 $ 3,830
Estimated amortization expense	Estimated amortization expense Amount 2023 $ 197 2024 133 2025 44 2026 44 2027 44 Total $ 462

Business Acquisition (Tables)

Business Acquisition (Tables)	12 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Danfair Transport Acquisition	The Company has accounted for this acquisition in accordance with the provisions of ASC 805, Business Combinations (ASC 805). The Company has allocated the purchase price of the business based upon the fair value of the assets acquired and liabilities assumed as follows (in thousands): Danfair Transport Acquisition Consideration: Fair value of consideration transferred (1,425 ) Acquisition related costs expensed $ 38 Recognized amounts of identifiable assets acquired and liabilities assumed: Property and equipment $ 759 Prepaid tires 25 Customer relationships 436 Non-compete agreement 12 Vacation liability assumed (13 ) Total identifiable net assets assumed $ 1,219 Goodwill 206 Total $ 1,425

Estimated useful lives (Details

Estimated useful lives (Details)	12 Months Ended
	Sep. 30, 2022
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	7-39
Transportation Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	7-10
Other Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	3-10

Accounting Policies (Details Na

Accounting Policies (Details Narrative)	1 Months Ended	12 Months Ended
	Oct. 31, 2019 USD ($)	Sep. 30, 2022 USD ($) Count	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)
Product Information [Line Items]
Number of segments | Count		1
Depreciation expenses		$ 5,904,000	$ 7,014,000	$ 7,780,000
Operating segments | Count		1
Reporting unit | Count		1
Self-insured retention		$250,000 to $500,000
Stop loss coverage		$ 250,000
Self insured aggregate		84,500
Operating lease right-of-use assets	$ 3,873,000	1,453,000	$ 0	$ 0
Straight line lease liability adjustment	231,000
Operating lease liability	$ 4,104,000	$ 2,589,000
Petroleum Products [Member]
Product Information [Line Items]
Percent of other than petroleum based business		85%
Other Products [Member]
Product Information [Line Items]
Percent of other than petroleum based business		15%

Related Party Agreements (Detai

Related Party Agreements (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Related Party Transactions [Abstract]
Related party transactions	$ 923,000	$ 1,207,000	$ 1,283,000

Debt (Details Narrative)

Debt (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Jul. 31, 2021	Sep. 30, 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 rate over SOCR		1.10%
Commitment fee		0.12%
Minimum tangible net worth		$ 25,000,000
Letter of credit commitments		1,461,000
Available for borrowing		$ 13,539,000
Letter of credit fee		1%
Applicable interest rate for borrowings		4.08%
Compliance		The Company was in compliance with all of its loan covenants
Maximum net worth		$ 1,994,000

Discounted liabilities and corr

Discounted liabilities and corresponding right-of-use assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Right-of-use assets	$ 2,424	$ 1,949
Lease liabilities, current	(884)	(928)
Lease liabilities, long-term	$ (1,705)	$ (1,131)

Operating lease assumptions (De

Operating lease assumptions (Details)	Sep. 30, 2022
Revenue Equipment And Other [Member]
Weighted average remaining lease term	1 year 1 month 5 days
Weighted average discount rate	3.50%
Real Estate [Member]
Weighted average remaining lease term	1 year 2 months 13 days
Weighted average discount rate	3.28%

Future minimum annual lease pay

Future minimum annual lease payments (Details) - USD ($)	Sep. 30, 2022	Oct. 31, 2019
Leases [Abstract]
2023	$ 943,000
2024	439,000
2025	245,000
2026	158,000
2027	158,000
Thereafter	730,000
Total future minimum lease payments	2,673,000
Less:  Imputed interest	(84,000)
Present value of operating lease liabilities	$ 2,589,000	$ 4,104,000

Leases (Details Narrative)

Leases (Details Narrative)	12 Months Ended
	Sep. 30, 2022 USD ($) Count	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)
Aggregate expense under operating leases | $	$ 1,062,000	$ 1,097,000	$ 1,216,000
Leased Tractor [Member]
Leased tractors | Count	29

Earnings per common share (Deta

Earnings per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period – shares used for basic earnings  per common share	3,459	3,395	3,369
Common shares issuable under share based payment plans which are  potentially dilutive	164	13	1
Common shares used for diluted  earnings per common share	3,623	3,408	3,370
Net income	$ 7,190	$ 625	$ 257
Basic	$ 2.08	$ 0.18	$ 0.08
Diluted	$ 1.98	$ 0.18	$ 0.08

Earnings Per Share (Details Nar

Earnings Per Share (Details Narrative) - shares	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Antidilutive shares	58,884	500,950

Stock compensation expense (Det

Stock compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation	$ 392	$ 467	$ 574
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation	212	248	239
Director Stock Award [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation	$ 180	$ 219	$ 335

Summary of stock options (Detai

Summary of stock options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2022		Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2019
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Option shares outstanding	777,752
Weighted average exercise price	$ 7.44
Weighted average remaining term	5 years 3 months 18 days
Option shares exercisable	534,529
Weighted average exercise price, exercisable	$ 7.95
Weighted average remaining term, exercisable	4 years 4 months 24 days
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Option shares outstanding	777,752	[1]	604,005	[2]	400,722	[3]	189,015
Weighted average exercise price	$ 7.44	[1]	$ 10.80	[2]	$ 14.96	[3]	$ 21.49
Weighted average remaining term	5 years 3 months 18 days	[1]	6 years 5 months 30 days	[2]	6 years 7 months 5 days	[3]	6 years 3 months 18 days
Weighted average grant date fair value, outstanding	$ 1,731	[1]	$ 1,931	[2]	$ 1,749	[3]	$ 1,531
Dividend adjustment	288,099		148,067		148,877
Option shares granted			78,345		68,865
Weighted average exercise price, granted			$ 10		$ 18.40
Weighted average grant date fair value, granted			$ 275		$ 275
Option shares forfeited	(67,975)		(9,632)		(6,035)
Weighted average exercised price, forfeited	$ 6.19		$ 13.88		$ 23.99
Weighted average grant date fair value, forfeited	$ (112)		$ (48)		$ (57)
Option shares exercised	(46,377)		(13,497)
Weighted average exercise price, exercised	$ 6.81		$ 9.17
Weighted average grant date fair value, exercised	$ (88)		$ (45)
Option shares exercisable	534,529
Weighted average exercise price, exercisable	$ 7.95
Weighted average remaining term, exercisable	4 years 4 months 24 days
Weighted average grant date fair value, exercisable	$ 1,314
Option 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.[2]The Company stock option intrinsic values were adjusted as of December 30, 2020, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted.[3]The Company stock option intrinsic values were adjusted as of January 30, 2020, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted.

Options summarized by exercise

Options summarized by exercise price range (Details)	12 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Nonvested weighted average exercise price | $ / shares	$ 6.31
Remaining life, nonvested	7 years 2 months 12 days
Shares exercisable, nonvested | shares	243,223
Remaining life	4 years 4 months 24 days
Shares exercisable | shares	534,529
Weighted average exercise price | $ / shares	$ 7.95
Shares outstanding | shares	777,752
Weighted average exercise price | $ / shares	$ 7.44
Remaining life	5 years 3 months 18 days
Five Point Fourteen To Six Point Ninety Four [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Shares exercisable, nonvested | shares	205,102
Nonvested weighted average exercise price | $ / shares	$ 6.09
Remaining life, nonvested	7 years 5 months 30 days
Shares exercisable | shares	148,983
Weighted average exercise price | $ / shares	$ 6.58
Remaining life	6 years 5 months 30 days
Six Point Ninety Five To Nine Point Thirty Eight [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Shares exercisable, nonvested | shares	38,121
Nonvested weighted average exercise price | $ / shares	$ 7.49
Remaining life, nonvested	6 years
Shares exercisable | shares	326,662
Weighted average exercise price | $ / shares	$ 8.08
Remaining life	3 years 10 months 24 days
Nine Point Thirty Nine To Twelve Point Sixty Eight [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Shares exercisable | shares	58,884
Weighted average exercise price | $ / shares	$ 10.72
Remaining life	1 year 8 months 2 days

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Nov. 15, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common shares available for future issuance		35,811
Extraordinary dividend paid		$ 3.75	$ 3	$ 3.15
Dividend yield		0%
Minimum expected volatility		38%
Expected maximum volatility		55%
Risk free interest rate minimum		0.12%
Risk free interest rate maximum		0.87%
Expected life minimum		9 months 18 days
Expected life maximum		6 years
Market closing price		$ 7.86
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	9 years 1 month 3 days
Accrued deferred compensation liability		$ 402,000	$ 372,000
Director Stock Award [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Director grant		18,900	24,867	25,950
Director grant price		$ 8.24	$ 8.80	$ 12.90
Additional Director Stock Award [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Director grant		3,084
Director grant price		$ 8
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate intrinsic value, exercisable options		$ 337,000
Aggregate intrinsic value, outstanding in-the-money options		713,000
Unrecognized compensation		$ 355,000
Weighted average period		2 years 6 months 1 day
Dividend Paid [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Extraordinary dividend paid		$ 3.75	$ 3	$ 3

Provision for or benefit from i

Provision for or benefit from income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Federal	$ 2,365	$ 955	$ 952
State	213	297	280
Current income tax benefit	2,578	1,252	1,232
Deferred	(425)	(1,019)	(1,142)
Total	$ 2,153	$ 233	$ 90

Income tax reconciliation (Deta

Income tax reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Federal rate	$ 1,957	$ 179	$ 75
State income taxes (net of Federal   income tax benefit)	320	38	14
Other, net	(124)	16	1
Provision for income taxes	$ 2,153	$ 233	$ 90

Deferred tax assets and deferre

Deferred tax assets and deferred tax liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Property and equipment	$ 4,190	$ 4,547
Prepaid expenses	1,044	1,149
Gross deferred tax liabilities	5,234	5,696
Insurance liabilities	551	583
Employee benefits and other	1,052	1,051
Gross deferred tax assets	1,603	1,634
Net deferred tax liability	$ 3,631	$ 4,062

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	Sep. 30, 2022 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0

Accrued insurance liability (De

Accrued insurance liability (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Accrued Insurance
Accrued insurance, current portion	$ 1,053	$ 1,105
Prepaid insurance claims	(2,285)	(3,088)
Accrued insurance, non-current	1,476	1,537
Total accrued (prepaid) insurance reported on the Company’s balance sheet	244	(446)
Captive agreement assets	3,672	4,021
Gross insurance liability estimate	$ 3,916	$ 3,575

Employee Benefits (Details Narr

Employee Benefits (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Retirement Benefits [Abstract]
Patriot 401k contribution	50%
Company contribution expense	$ 447,000	$ 482,000	$ 534,000
MSP expense	15,000	17,000	19,000
Accrued benefit liability	416,000	468,000
Accrued post retirement benefit obligation	267,000	252,000
Net periodic postretirement benefit credit or cost	$ (5,000)	$ (8,000)	$ (12,000)
Discount rate	4%	3%	3%
APBO discount rate	4%	3%	3%

Concentrations (Details Narrati

Concentrations (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Top Ten Customers [Member]
Concentration Risk [Line Items]
Top customer revenue percentage	58.70%
Top Customers [Member]
Concentration Risk [Line Items]
Top customer revenue percentage	18.30%
Top Ten Custpmers [Member]
Concentration Risk [Line Items]
AR ten largest customers	$ 2,861,000	$ 2,843,000

Unusual or Infrequent Items I_2

Unusual or Infrequent Items Impacting Results (Details Narrative) - USD ($)	3 Months Ended			12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Oct. 18, 2021	Dec. 31, 2020	Nov. 04, 2019
Unusual or Infrequent Item, or Both [Line Items]
Contingent consideration gain				$ 0	$ 16,000	$ 340,000
Tampa Terminal [Member]
Unusual or Infrequent Item, or Both [Line Items]
Unusual or infrequent net income	$ 1.70
After tax gain on sale of Tampa terminal							$ 6,281,000
Pensacola Terminal [Member]
Unusual or Infrequent Item, or Both [Line Items]
Unusual or infrequent net income			$ 1,037,000
Unusual or infrequent net income			$ 0.31
Chattanooga Terminal [Member]
Unusual or Infrequent Item, or Both [Line Items]
Unusual or infrequent net income		$ 133,000
Unusual or infrequent net income		$ 0.04
Danfair Transport [Member]
Unusual or Infrequent Item, or Both [Line Items]
Earned payout liability								$ 69,000	$ 425,000
Contingent consideration gain					$ 16,000	$ 340,000

Changes in gross carrying amoun

Changes in gross carrying amounts of goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 3,637	$ 3,637	$ 3,637	$ 3,431
Goodwill, Acquired During Period	$ 0	$ 0	$ 206

Identifiable intangible assets

Identifiable intangible assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	$ 4,586	$ 4,586
Accumulated amortization	4,030	3,830
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	4,440	4,440
Accumulated amortization	3,885	3,689
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	72	72
Accumulated amortization	72	72
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	74	74
Accumulated amortization	$ 73	$ 69

Estimated amortization expense

Estimated amortization expense (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 197
2024	133
2025	44
2026	44
2027	44
Total	$ 462

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details Narrative)	12 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 200,000

Danfair Transport Acquisition (

Danfair Transport Acquisition (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2022	Sep. 30, 2021	Nov. 04, 2019	Sep. 30, 2019
Business Acquisition [Line Items]
Goodwill acquired	$ 3,637	$ 3,637	$ 3,637		$ 3,431
Danfair Transport [Member]
Business Acquisition [Line Items]
Fair value of consideration transferred	(1,425)
Acquisition related costs	$ 38
Property and equipment acquired				$ 759
Prepaid tires acquired				25
Customer relationships acquired				436
Noncompete agreement				12
Vacation liability assumed				(13)
Net assets assumed				1,219
Goodwill acquired				206
Assets, liabilities and goodwill acquired				$ 1,425

Business Acquisition (Details N

Business Acquisition (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Nov. 04, 2019
Business Acquisition [Line Items]
Contingent consideration gain	$ 0	$ 16,000	$ 340,000
Danfair Transport [Member]
Business Acquisition [Line Items]
Earned payout liability				$ 69,000	$ 425,000
Contingent consideration gain		$ 16,000	$ 340,000