Patriot Transportation Holding (PATI) 10-Q 14 Feb 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Dec. 31, 2022	Feb. 10, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
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		3,526,489

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
Current assets:
Cash and cash equivalents	$ 7,808	$ 8,302
Accounts receivable (net of allowance for doubtful accounts of $71 and $68, respectively)	5,737	5,296
Inventory of parts and supplies	1,037	1,006
Prepaid tires on equipment	1,555	1,486
Prepaid taxes and licenses	287	378
Prepaid insurance	3,538	3,927
Prepaid expenses, other	148	163
Total current assets	20,110	20,558
Property and equipment, at cost	74,183	72,816
Less accumulated depreciation	53,215	52,567
Net property and equipment	20,968	20,249
Operating lease right-of-use assets	3,422	2,424
Goodwill	3,637	3,637
Intangible assets, net	506	556
Other assets, net	139	142
Total assets	48,782	47,566
Current liabilities:
Accounts payable	2,057	1,964
Federal and state taxes payable	791	594
Accrued payroll and benefits	3,047	3,208
Accrued insurance	986	1,053
Accrued liabilities, other	300	1,010
Operating lease liabilities, current portion	890	884
Total current liabilities	8,071	8,713
Operating lease liabilities, less current portion	2,918	1,705
Deferred income taxes	3,631	3,631
Accrued insurance	1,476	1,476
Other liabilities	848	854
Total liabilities	16,944	16,379
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; 3,501,289 and 3,484,004 shares issued and outstanding, respectively)	350	348
Capital in excess of par value	40,118	39,958
Accumulated deficit	(8,705)	(9,190)
Accumulated other comprehensive income, net	75	71
Total shareholders’ equity	31,838	31,187
Total liabilities and shareholders’ equity	$ 48,782	$ 47,566

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
Statement of Financial Position [Abstract]
Allowance for Doubtful Accounts, Premiums and Other Receivables	$ 71	$ 68
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 shares authorized	25,000,000	25,000,000
Common stock, outstanding	3,501,289	3,484,004
Common shares, issued	3,501,289	3,484,004

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Operating revenues	$ 22,850	$ 20,571
Cost of operations:
Compensation and benefits	10,205	9,084
Fuel expenses	3,320	2,718
Repairs & tires	1,354	1,216
Other operating	689	744
Insurance and losses	1,984	1,810
Depreciation expense	1,274	1,477
Rents, tags & utilities	648	673
Sales, general & administrative	2,327	2,465
Corporate expenses	495	533
Gain on sale of terminal sites	0	(8,330)
Gain on disposition of PP&E	(66)	(360)
Total cost of operations	22,230	12,030
Total operating income	620	8,541
Interest income and other	65	1
Interest expense	(4)	(5)
Income before income taxes	681	8,537
Provision for income taxes	196	2,098
Net income	485	6,439
Unrealized investment gain, net	4	0
Comprehensive income	$ 489	$ 6,439
Earnings per common share:
Basic	$ 0.14	$ 1.88
Diluted	$ 0.14	$ 1.74
Number of shares (in thousands) used in computing:
-basic earnings per common share	3,490	3,419
-diluted earnings per common share	3,532	3,701

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 485	$ 6,439
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,422	1,615
Non-cash lease expense	230	273
Gain on asset dispositions	(66)	(8,717)
Stock-based compensation	45	57
Net changes in operating assets and liabilities:
Accounts receivable	(441)	551
Inventory of parts and supplies	(31)	(72)
Prepaid expenses	426	566
Other assets	7	3
Accounts payable and accrued liabilities	(845)	(956)
Income taxes payable and receivable	197	2,097
Operating lease liabilities	(9)	(243)
Long-term insurance liabilities and other long-term liabilities	(6)	(8)
Net cash provided by operating activities	1,414	1,605
Cash flows from investing activities:
Purchase of property and equipment	(2,132)	(948)
Proceeds from the sale of property, plant and equipment	107	9,840
Net cash (used in) provided by investing activities	(2,025)	8,892
Cash flows from financing activities:
Dividends paid	0	(12,808)
Expired stock options	(10)	0
Proceeds from exercised stock options	127	112
Net cash provided by (used in) financing activities	117	(12,696)
Net decrease in cash and cash equivalents	(494)	(2,199)
Cash and cash equivalents at beginning of period	8,302	10,899
Cash and cash equivalents at end of the period	7,808	8,700
Supplemental disclosures of cash flow information:
Interest	4	4
Income taxes	0	2
Right-of-use assets obtained in exchange for operating lease liabilities	$ 1,228	$ 1,453

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, 2021	$ 342	$ 39,257	$ (3,572)	$ 89	$ 36,116
Common Stock, Shares, Outstanding, Beginning Balance at Sep. 30, 2021	3,415,643
Stock-based compensation	$ 0	57	0	0	57
Exercise of stock options	$ 1	111	0	0	112
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	16,253
Expired stock options				0	0
Cash dividends	$ 0	0	(12,808)	0	(12,808)
Net income	0	0	6,439	0	6,439
Unrealized investment gains, net				0	0
Ending balance, value at Dec. 31, 2021	$ 343	39,425	(9,941)	89	29,916
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2021	3,431,896
Beginning balance, value at Sep. 30, 2022	$ 348	39,958	(9,190)	71	$ 31,187
Common Stock, Shares, Outstanding, Beginning Balance at Sep. 30, 2022					3,484,004
Stock-based compensation	0	45	0	0	$ 45
Exercise of stock options	$ 2	125	0	0	127
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	17,285
Expired stock options	$ 0	(10)	0	0	(10)
Net income	0	0	485	0	485
Unrealized investment gains, net	0	0	0	4	4
Ending balance, value at Dec. 31, 2022	$ 350	$ 40,118	$ (8,705)	$ 75	$ 31,838
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2022	3,501,289				3,501,289

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Dec. 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 86 14 316 268 3 43 419 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 three months ended December 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2023. 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, 2022. Operating Revenues Our revenues are primarily based on a set rate per volume of product hauled to arrive at a desired rate per mile traveled. The rate also incorporates the cost of fuel at an assumed price plus fuel surcharges to address the fluctuation in fuel prices. Over time, the fuel surcharge tables in the industry have become so numerous and varied, both by carriers and customers, that they have simply become a part of the overall rating structure to arrive at that desired price per mile by market. We consider fuel surcharge revenue to be revenue from services rather than other revenues. As a result, the Company determined there is no reason to report fuel surcharges as a separate revenue line item and fuel surcharges are reported as part of Operating revenues.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Dec. 31, 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
	Dec. 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 $ 223,000 253,000 We employ an allocation method to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations, but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis.

Long-Term debt

Long-Term debt	3 Months Ended
	Dec. 31, 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 1,854,000 13,146,000 1 5.4 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 2,690,000

Earnings per share

Earnings per share	3 Months Ended
	Dec. 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 December 31, 2022 2021 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,490 3,419 Common shares issuable under share based payment plans which are potentially dilutive 42 282 Common shares used for diluted earnings per common share 3,532 3,701 Net income $ 485 6,439 Earnings per common share: -basic $ 0.14 1.88 -diluted $ 0.14 1.74 For the three months ended December 31, 2022, 241,188 no

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
	Dec. 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 35,811 On November 15, 2021, the Company paid an extraordinary dividend of $ 3.75 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 409,000 379,000 The Company recorded the following Stock compensation expense Three Months ended December 31, 2022 2021 Stock option grants $ 45 57 Annual director stock award — — Stock based compensation $ 45 57 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, 2022 777,752 $ 7.44 5.3 $ 1,731 Expired (10,174 ) 7.31 (22 ) Exercised (17,285 ) 7.31 (50 ) Outstanding at December 31, 2022 750,293 $ 7.44 5.2 $ 1,659 Exercisable at December 31, 2022 599,867 $ 7.77 4.7 $ 1,413 Vested during three months ended December 31, 2022 100,104 $ 185 The aggregate intrinsic value of exercisable Company options was $ 306,000 446,000 7.03 The realized tax benefit from option exercises during the three months ended December 31, 2022 was $ 4,000 310,000 2.3

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	(7) Fair Value Measurements 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 of those that are unobservable and significant to the overall fair value measurement. At December 31, 2022 and September 30, 2022, the carrying amount reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and other financial instruments approximate their fair value based upon the short-term nature of these items.

Contingent liabilities

Contingent liabilities	3 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingent liabilities	(8) Contingent liabilities

Concentrations

Concentrations	3 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Concentrations	(9) Concentrations Market: Customers 59.5 18.2 2,990,000 2,861,000 Deposits

Unusual or Infrequent Items Imp

Unusual or Infrequent Items Impacting Results	3 Months Ended
	Dec. 31, 2022
Unusual or Infrequent Items, or Both [Abstract]
Unusual or Infrequent Items Impacting Results	(10) Unusual or Infrequent Items Impacting Results 9,600,000 6,281,000 6.3 million 13 million On November 9, 2022, we extended our corporate headquarters’ lease for five years 1,087,000 1,233,000 146,000

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Dec. 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 three months ended December 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2023. 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, 2022.
Operating Revenues	Operating Revenues Our revenues are primarily based on a set rate per volume of product hauled to arrive at a desired rate per mile traveled. The rate also incorporates the cost of fuel at an assumed price plus fuel surcharges to address the fluctuation in fuel prices. Over time, the fuel surcharge tables in the industry have become so numerous and varied, both by carriers and customers, that they have simply become a part of the overall rating structure to arrive at that desired price per mile by market. We consider fuel surcharge revenue to be revenue from services rather than other revenues. As a result, the Company determined there is no reason to report fuel surcharges as a separate revenue line item and fuel surcharges are reported as part of Operating revenues.

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Dec. 31, 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 December 31, 2022 2021 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,490 3,419 Common shares issuable under share based payment plans which are potentially dilutive 42 282 Common shares used for diluted earnings per common share 3,532 3,701 Net income $ 485 6,439 Earnings per common share: -basic $ 0.14 1.88 -diluted $ 0.14 1.74

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	The Company recorded the following Stock compensation expense Three Months ended December 31, 2022 2021 Stock option grants $ 45 57 Annual director stock award — — Stock based compensation $ 45 57
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, 2022 777,752 $ 7.44 5.3 $ 1,731 Expired (10,174 ) 7.31 (22 ) Exercised (17,285 ) 7.31 (50 ) Outstanding at December 31, 2022 750,293 $ 7.44 5.2 $ 1,659 Exercisable at December 31, 2022 599,867 $ 7.77 4.7 $ 1,413 Vested during three months ended December 31, 2022 100,104 $ 185

Description of Business and B_3

Description of Business and Basis of Presentation (Details Narrative)	Dec. 31, 2022 Integer
Product Information [Line Items]
Number of revenue producting drivers	316
Number of company tractors	268
Number of tractors being placed in service	3
Number of owner operator drivers	43
Number of company trailers	419
Number of terminals	17
Number of satellite locations	6
Petroleum Products [Member]
Product Information [Line Items]
Percent of other than petroleum based business	86%
Other Products [Member]
Product Information [Line Items]
Percent of other than petroleum based business	14%

Related Party Agreements (Detai

Related Party Agreements (Details Narrative) - USD ($)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Related party transactions	$ 223,000	$ 253,000

Long-Term debt (Details Narrati

Long-Term debt (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Jul. 31, 2021	Dec. 31, 2022	Sep. 30, 2022
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		1,854,000
Available for borrowing		$ 13,146,000
Letter of credit fee		1%
Applicable interest rate for borrowing		5.40%
Compliance		The Company was in compliance with all of its loan covenants
Maximum net worth		$ 2,690,000

Earnings per common share (Deta

Earnings per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	3,490	3,419
Common shares issuable under share based payment plans which are potentially dilutive	42	282
Common shares used for diluted earnings per common share	3,532	3,701
Net income	$ 485	$ 6,439
-basic	$ 0.14	$ 1.88
-diluted	$ 0.14	$ 1.74

Earnings per share (Details Nar

Earnings per share (Details Narrative) - shares	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Anti-dilutive stock options	241,188	0

Stock compensation expense (Det

Stock compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation	$ 45	$ 57
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation	45	57
Director Stock Award [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation	$ 0	$ 0

Summary of stock options (Detai

Summary of stock options (Details) - Share-Based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares outstanding	750,293	777,752
Weighted average exercise price, outstanding	$ 7.44	$ 7.44
Weighted average remaining term, outstanding	5 years 2 months 12 days	5 years 3 months 18 days
Weighted average grant date fair value, outstanding	$ 1,659	$ 1,731
Shares expired	(10,174)
Weighted average exercise price, forfeited	$ 7.31
Weighted average grant date fair value, forfeited or expired	$ (22)
Shares exercised	(17,285)
Weighted average exercise price, exercised	$ 7.31
Weighted average grant date fair value, exercised	$ (50)
Shares exerciseable	599,867
Weighted average exercise price, exercisable	$ 7.77
Weighted average remaining term, exercisable	4 years 8 months 11 days
Weighted average grant date fair value, exercisable	$ 1,413
Shares vested	100,104
Weighted average grant date fair value, vested	$ 185

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2022	Dec. 31, 2021	Dec. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common shares available for future issuance		35,811
Market closing price				$ 7.03
Realized tax benefit from option exercises		$ 4,000
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
Accured liability under SAR		$ 409,000	$ 379,000
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate intrinsic value, exercisable options		306,000
Aggregate intrinsic value, outstanding in-the-money options		446,000
Unrecognized compensation		$ 310,000
Weighted average period		2 years 3 months 19 days
Dividend Paid [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Extraordinary dividend			$ 3.75

Concentrations (Details Narrati

Concentrations (Details Narrative) - USD ($)	3 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Top Ten Customers [Member]
Concentration Risk [Line Items]
One customer revenue	59.50%
Top Customers [Member]
Concentration Risk [Line Items]
One customer revenue	18.20%
Top Ten Custpmers [Member]
Concentration Risk [Line Items]
Ten largest customers AR	$ 2,990,000	$ 2,861,000

Unusual or Infrequent Items I_2

Unusual or Infrequent Items Impacting Results (Details Narrative) - USD ($)	Dec. 31, 2022	Nov. 09, 2022	Sep. 30, 2022	Oct. 18, 2021
Unusual or Infrequent Item, or Both [Line Items]
Operating right-of-use assets	$ 3,422,000		$ 2,424,000
Tampa Terminal [Member]
Unusual or Infrequent Item, or Both [Line Items]
Sales price of Tampa terminal				$ 9,600,000
After tax net income from Tampa terminal sale				6,281,000
Tangible net worth covenant after Tampa terminal sale				$ 13,000,000
Lease Agreements [Member]
Unusual or Infrequent Item, or Both [Line Items]
Renewal term		5 years
Operating right-of-use assets		$ 1,087,000
Operating lease liabilities		1,233,000
Tenant improvement receivable		$ 146,000