Patriot Transportation Holding (PATI) 10-K 12 Dec 23 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Sep. 30, 2023	Dec. 11, 2023	Mar. 31, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	FY
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 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			$ 20,484,376
Entity Common Stock, Shares Outstanding		3,553,571
Document Financial Statement Error Correction [Flag]	false

Auditor Information

Auditor Information	12 Months Ended
	Sep. 30, 2023
Cover [Abstract]
ICFR Auditor Attestation Flag	false
Auditor Name	Hancock Askew & Co., LLP
Auditor Location	Jacksonville, Florida
Auditor Firm ID	794

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Current assets:
Cash and cash equivalents	$ 6,429	$ 8,302
Accounts receivable (net of allowance for doubtful accounts of $63 and $68, respectively)	6,126	5,296
Federal and state taxes receivable	511
Inventory of parts and supplies	898	1,006
Prepaid tires on equipment	1,674	1,486
Prepaid taxes and licenses	380	378
Prepaid insurance	3,369	3,927
Prepaid expenses, other	83	163
Total current assets	19,470	20,558
Property, plant and equipment, at cost:
Land	1,911	1,911
Buildings	5,452	4,897
Equipment	69,685	66,008
Property, plant and equipment, gross	77,048	72,816
Less accumulated depreciation	50,708	52,567
Property, plant and equipment, net	26,340	20,249
Operating lease right-of-use assets	2,735	2,424
Goodwill	3,637	3,637
Intangible assets, net	359	556
Other assets, net	126	142
Total assets	52,667	47,566
Current liabilities:
Accounts payable	2,614	1,964
Federal and state taxes payable		594
Accrued payroll and benefits	4,490	3,208
Accrued insurance	918	1,053
Accrued liabilities, other	382	1,010
Operating lease liabilities, current portion	653	884
Total current liabilities	9,057	8,713
Operating lease liabilities, less current portion	2,459	1,705
Deferred income taxes	4,715	3,631
Accrued insurance	1,276	1,476
Other liabilities	829	854
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; 3,526,489 and 3,484,004 shares issued and outstanding, respectively)	353	348
Capital in excess of par value	40,430	39,958
Accumulated deficit	(6,517)	(9,190)
Accumulated other comprehensive income, net	65	71
Total shareholders' equity	34,331	31,187
Total liabilities and shareholders' equity	$ 52,667	$ 47,566

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Statement of Financial Position [Abstract]
Allowance for Doubtful Accounts, Premiums and Other Receivables	$ 63	$ 68
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 outstanding	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 outstanding	3,526,489	3,484,004
Common stock, shares issued	3,526,489	3,484,004

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Operating revenues	$ 94,785	$ 87,882	$ 81,268
Cost of operations:
Compensation and benefits	43,493	37,906	36,198
Fuel expenses	11,971	13,288	9,630
Repairs & tires	6,102	5,760	5,402
Other operating	3,125	3,027	3,270
Insurance and losses	7,064	8,167	7,261
Depreciation expense	5,410	5,537	6,654
Rents, tags & utilities	2,578	2,650	2,708
Sales, general & administrative	10,592	9,306	8,764
Corporate expenses	2,215	2,011	1,936
Gain on sale of terminal sites	0	(8,330)	(1,614)
Loss (gain) on disposition of PP&E	(1,047)	(739)	179
Total cost of operations	91,503	78,583	80,388
Total operating profit	3,282	9,299	880
Interest income and other	324	62	5
Interest expense	(18)	(18)	(27)
Income before income taxes	3,588	9,343	858
Provision for income taxes	915	2,153	233
Net income	$ 2,673	$ 7,190	$ 625
Earnings per common share:
Basic	$ 0.76	$ 2.08	$ 0.18
Diluted	$ 0.74	$ 1.98	$ 0.18
Number of shares (in thousands) used in computing:
-basic earnings per common share	3,515	3,459	3,395
-diluted earnings per common share	3,594	3,623	3,408

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net income	$ 2,673	$ 7,190	$ 625
Unrealized investment gains (losses), net	5	(5)	0
Loss on retiree health, net	(11)	(13)	(16)
Comprehensive income	$ 2,667	$ 7,172	$ 609

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Sep. 30, 2020	$ 338	$ 38,670	$ 5,935	$ 105	$ 45,048
Common Stock, Shares, Outstanding, Beginning Balance at Sep. 30, 2020	3,377,279
Stock-based compensation	$ 0	248	0	0	248
Exercise of stock options	$ 1	123	0	0	124
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	13,497
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 gains, net					0
Expired stock options					0
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
Stock-based compensation	$ 0	212	0	0	212
Exercise of stock options	$ 4	311	0	0	315
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	46,377
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 gains, net	0	0	0	(5)	(5)
Expired stock options					0
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
Stock-based compensation	$ 0	163	0	0	$ 163
Exercise of stock options	$ 2	125	0	0	127
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	17,285
Shares granted to Directors	$ 3	194	0	0	197
Stock Issued During Period, Shares, Issued for Services	25,200
Net income	$ 0	0	2,673	0	2,673
Loss on retiree health, net	0	0	0	(11)	(11)
Unrealized investment gains, net	0	0	0	5	5
Expired stock options	0	(10)	0	0	(10)
Ending balance, value at Sep. 30, 2023	$ 353	$ 40,430	$ (6,517)	$ 65	$ 34,331
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2023	3,526,489				3,526,489

CONSOLIDATED STATEMENTS OF SH_2

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

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 2,673	$ 7,190	$ 625
Adjustments to reconcile net income to  net cash provided by operating activities:
Depreciation and amortization	6,027	6,106	7,202
Non-cash lease expense	925	960	1,015
Non-cash gain of acquisition-related contingent consideration	0	0	(16)
Deferred income taxes	1,084	(431)	(1,025)
Gain on asset dispositions	(1,057)	(9,130)	(1,472)
Stock-based compensation	360	392	467
Net changes in operating assets and liabilities:
Accounts receivable	(830)	(366)	75
Inventory of parts and supplies	108	(135)	32
Prepaid expenses	448	724	(2,007)
Other assets	8	(6)	28
Accounts payable and accrued liabilities	1,169	(409)	(682)
Income taxes payable and receivable	(1,105)	331	(21)
Operating lease liabilities	(713)	(905)	(1,079)
Long-term insurance liabilities and other  long-term liabilities	(225)	(86)	(370)
Net cash provided by operating activities	8,872	4,235	2,772
Cash flows from investing activities:
Purchase of property and equipment	(12,088)	(5,248)	(910)
Proceeds from the sale of property, plant and equipment	1,226	10,909	3,083
Net cash provided by (used in) investing activities	(10,862)	5,661	2,173
Cash flows from financing activities:
Dividends paid	0	(12,808)	(10,132)
Expired stock options	(10)	0	0
Proceeds from exercised stock options	127	315	124
Net cash provided by (used in) financing activities	117	(12,493)	(10,008)
Net increase (decrease) in cash and cash equivalents	(1,873)	(2,597)	(5,063)
Cash and cash equivalents at beginning of year	8,302	10,899	15,962
Cash and cash equivalents at end of the year	6,429	8,302	10,899
Supplemental disclosures of cash flow information:
Interest	16	16	25
Income taxes	934	2,248	1,273
Right-of-use assets obtained in exchange for operating lease liabilities	$ 1,236	$ 1,453	$ 0

Accounting Policies

Accounting Policies	12 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Accounting Policies	1. Accounting Policies DESCRIPTION OF BUSINESS 86 14 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 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 Estimated useful lives Years Building and improvements 7-39 Revenue equipment 7-10 Other equipment 3-10 The Company recorded depreciation expenses for 2023, 2022 and 2021 of $ 5,828,000 5,904,000 7,014,000 IMPAIRMENT OF LONG-LIVED ASSETS GOODWILL one one INSURANCE $250,000 to $500,000 250,000 84,500 250,000 INCOME TAXES 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 RECENTLY ISSUED ACCOUNTING STANDARDS

Related Party Agreements

Related Party Agreements	12 Months Ended
	Sep. 30, 2023
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, 2023. The consolidated statements of income reflect charges and/or allocation to FRP Holdings, Inc. for these services of $ 910,000 923,000 1,207,000 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, 2023
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 no 1,754,000 13,246,000 1 6.42 This credit agreement contains certain conditions, affirmative financial covenants and negative covenants including a minimum tangible net worth of $ 25 million 5,332,000

Leases

Leases	12 Months Ended
	Sep. 30, 2023
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. Certain operating leases provide for renewal options, which can vary by lease and are typically offered at their fair rental value. The Company has not made any residual value guarantees related to its operating leases. 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 consisting of the following (in thousands): Discounted liabilities and corresponding right-of-use assets Asset (Liability) Balance As of September 30, 2023 2022 Right-of-use assets $ 2,735 2,424 Lease liabilities, current $ (653 ) (884 ) Lease liabilities, long-term $ (2,459 ) (1,705 ) 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, 2023 Weighted-average Weighted-average Remaining lease term Discount rate Revenue equipment and other leases .1 years 3.50 % Real estate leases 2.6 years 4.40 % Future minimum annual lease payments Fiscal Year Total 2024 $ 773 2025 562 2026 508 2027 497 2028 449 Thereafter 741 Total future minimum lease payments $ 3,530 Less: Imputed interest (418 ) Present value of operating lease liabilities $ 3,112 Aggregate expense under operating leases was $1,074,000, $1,062,000 and $1,097,000 for 2023, 2022 and 2021, respectively. Certain operating leases include rent escalation provisions, which are recognized as expense on a straight-line basis.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Sep. 30, 2023
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 2023 2022 2021 Common shares: Weighted average common shares outstanding during the period – shares used for basic earnings per common share 3,515 3,459 3,395 Common shares issuable under share based payment plans which are potentially dilutive 79 164 13 Common shares used for diluted earnings per common share 3,594 3,623 3,408 Net income $ 2,673 7,190 625 Earnings per common share: Basic $ .76 2.08 .18 Diluted $ .74 1.98 .18 For 2023 and 2022, 160,483 58,884

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Sep. 30, 2023
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 10,611 On November 15, 2021, the Company paid an extraordinary dividend of $ 3.75 On December 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 53 .54 1.4 1.8 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 431,000 402,000 The annual director stock grant was 25,200 7.82 18,900 8.24 3,084 8.00 24,867 8.80 The Company recorded the following Stock compensation expense Years Ended September 30 2023 2022 2021 Stock option grants $ 163 212 248 Annual director stock award 197 180 219 Stock based compensation $ 360 392 467 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, 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 Expired (10,174 ) 7.31 (22 ) Exercised (17,285 ) 7.31 (50 ) Outstanding at September 30, 2023 750,293 $ 7.44 4.4 $ 1,659 Exercisable at September 30, 2023 599,867 $ 7.77 3.9 $ 1,413 Vested during twelve months ended September 30, 2023 92,797 $ 171 (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, 2023: Summary of stock options outstanding Shares Weighted Weighted Range of Exercise Under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $5.14 – $6.94 134,285 5.99 6.7 $6.95 - $9.38 16,141 7.52 5.2 150,426 $ 6.15 6.5 Years Exercisable: $5.14 - $6.94 219,800 6.49 5.7 $6.95 - $9.38 321,183 8.10 3.3 $9.39 - $12.68 58,884 10.72 .7 599,867 $ 7.77 3.9 Years Total (a) 750,293 $ 7.44 4.4 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 $ 537,000 843,000 8.18 September 29, 2023 less exercise prices. The realized tax benefit from option exercises during fiscal 2023 was $ 4,000 191,000 1.8

Income Taxes

Income Taxes	12 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The Provision for or benefit from income taxes 2023 2022 2021 Current: Federal $ (248 ) 2,365 955 State 77 213 297 (171 ) 2,578 1,252 Deferred 1,086 (425 ) (1,019 ) Total $ 915 2,153 233 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 2023 2022 2021 Amount computed at statutory Federal rate $ 752 1,957 179 State income tax (net of Federal income tax benefit) 196 320 38 Other, net (33 ) (124 ) 16 Provision for income taxes $ 915 2,153 233 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 2023 2022 Deferred tax liabilities: Property and equipment $ 5,269 4,190 Prepaid expenses 990 1,044 Gross deferred tax liabilities 6,259 5,234 Deferred tax assets: Insurance liabilities 466 551 Employee benefits and other 1,078 1,052 Gross deferred tax assets 1,544 1,603 Net deferred tax liability $ 4,715 3,631 The Company has no unrecognized tax benefits. Tax returns in the U.S. and various states are subject to audit by taxing authorities. As of September 30, 2023, the earliest tax year that remains open for audit in the United States is 2018. We do not have any material unpaid assessments.

Accrued Insurance

Accrued Insurance	12 Months Ended
	Sep. 30, 2023
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 2023 2022 Accrued insurance, current portion $ 918 1,053 Prepaid insurance claims (1,868 ) (2,285 ) Accrued insurance, non-current 1,276 1,476 Total accrued (prepaid) insurance reported on the Company’s balance sheet $ 326 244 Captive agreement assets 2,327 3,672 Gross insurance liability estimate $ 2,653 3,916

Employee Benefits

Employee Benefits	12 Months Ended
	Sep. 30, 2023
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 50 487,000 447,000 482,000 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 2023, 2022 and 2021 was $ 13,000 15,000 17,000 363,000 416,000 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, 2023 and 2022 was $ 283,000 267,000 (2,000) (5,000) (8,000) 4.0 4.0 3.0 5.0 4.0 3.0

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Sep. 30, 2023
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, 2023 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	12 Months Ended
	Sep. 30, 2023
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, 2023
Risks and Uncertainties [Abstract]
Concentrations	12. Concentrations Market: Customers 60.0 16.9 3,434,000 2,861,000 Deposits

Unusual or Infrequent Items Imp

Unusual or Infrequent Items Impacting Results	12 Months Ended
	Sep. 30, 2023
Unusual or Infrequent Items, or Both [Abstract]
Unusual or Infrequent Items Impacting Results	13. Unusual or Infrequent Items Impacting Results 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, 2023
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, 2020 $ 3,637 No activity — September 30, 2021 3,637 No activity — September 30, 2022 $ 3,637 No activity — September 30, 2023 $ 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, 2023 September 30, 2022 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: Customer value 4,440 4,081 4,440 3,885 Trade name 72 72 72 72 Non-compete 74 74 74 73 $ 4,586 $ 4,227 $ 4,586 $ 4,030 Amortization expense for intangible assets for fiscal 2023, 2022 and 2021 was $ 197,000 200,000 200,000 Estimated amortization expense Amount 2024 $ 133 2025 44 2026 44 2027 44 2028 44 Total $ 309

Subsequent Events

Subsequent Events	12 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events 16.26

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS 86 14 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.
ACCOUNTS RECEIVABLE	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	PROPERTY AND EQUIPMENT Estimated useful lives Estimated useful lives Years Building and improvements 7-39 Revenue equipment 7-10 Other equipment 3-10 The Company recorded depreciation expenses for 2023, 2022 and 2021 of $ 5,828,000 5,904,000 7,014,000
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 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
RECENTLY ISSUED ACCOUNTING STANDARDS	RECENTLY ISSUED ACCOUNTING STANDARDS

Accounting Policies (Tables)

Accounting Policies (Tables)	12 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Estimated useful lives	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, 2023
Leases [Abstract]
Discounted liabilities and corresponding right-of-use assets	Discounted liabilities and corresponding right-of-use assets Asset (Liability) Balance As of September 30, 2023 2022 Right-of-use assets $ 2,735 2,424 Lease liabilities, current $ (653 ) (884 ) Lease liabilities, long-term $ (2,459 ) (1,705 )
Operating lease assumptions	Operating lease assumptions September 30, 2023 Weighted-average Weighted-average Remaining lease term Discount rate Revenue equipment and other leases .1 years 3.50 % Real estate leases 2.6 years 4.40 %
Future minimum annual lease payments	Future minimum annual lease payments Fiscal Year Total 2024 $ 773 2025 562 2026 508 2027 497 2028 449 Thereafter 741 Total future minimum lease payments $ 3,530 Less: Imputed interest (418 ) Present value of operating lease liabilities $ 3,112

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Sep. 30, 2023
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 2023 2022 2021 Common shares: Weighted average common shares outstanding during the period – shares used for basic earnings per common share 3,515 3,459 3,395 Common shares issuable under share based payment plans which are potentially dilutive 79 164 13 Common shares used for diluted earnings per common share 3,594 3,623 3,408 Net income $ 2,673 7,190 625 Earnings per common share: Basic $ .76 2.08 .18 Diluted $ .74 1.98 .18

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	The Company recorded the following Stock compensation expense Years Ended September 30 2023 2022 2021 Stock option grants $ 163 212 248 Annual director stock award 197 180 219 Stock based compensation $ 360 392 467
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, 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 Expired (10,174 ) 7.31 (22 ) Exercised (17,285 ) 7.31 (50 ) Outstanding at September 30, 2023 750,293 $ 7.44 4.4 $ 1,659 Exercisable at September 30, 2023 599,867 $ 7.77 3.9 $ 1,413 Vested during twelve months ended September 30, 2023 92,797 $ 171 (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.
Summary of stock options outstanding	The following table summarizes information concerning stock options outstanding at September 30, 2023: Summary of stock options outstanding Shares Weighted Weighted Range of Exercise Under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $5.14 – $6.94 134,285 5.99 6.7 $6.95 - $9.38 16,141 7.52 5.2 150,426 $ 6.15 6.5 Years Exercisable: $5.14 - $6.94 219,800 6.49 5.7 $6.95 - $9.38 321,183 8.10 3.3 $9.39 - $12.68 58,884 10.72 .7 599,867 $ 7.77 3.9 Years Total (a) 750,293 $ 7.44 4.4 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, 2023
Income Tax Disclosure [Abstract]
Provision for or benefit from income taxes	The Provision for or benefit from income taxes 2023 2022 2021 Current: Federal $ (248 ) 2,365 955 State 77 213 297 (171 ) 2,578 1,252 Deferred 1,086 (425 ) (1,019 ) Total $ 915 2,153 233
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 2023 2022 2021 Amount computed at statutory Federal rate $ 752 1,957 179 State income tax (net of Federal income tax benefit) 196 320 38 Other, net (33 ) (124 ) 16 Provision for income taxes $ 915 2,153 233
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 2023 2022 Deferred tax liabilities: Property and equipment $ 5,269 4,190 Prepaid expenses 990 1,044 Gross deferred tax liabilities 6,259 5,234 Deferred tax assets: Insurance liabilities 466 551 Employee benefits and other 1,078 1,052 Gross deferred tax assets 1,544 1,603 Net deferred tax liability $ 4,715 3,631

Accrued Insurance (Tables)

Accrued Insurance (Tables)	12 Months Ended
	Sep. 30, 2023
Accrued Insurance
Accrued insurance liability	The Accrued insurance liability 2023 2022 Accrued insurance, current portion $ 918 1,053 Prepaid insurance claims (1,868 ) (2,285 ) Accrued insurance, non-current 1,276 1,476 Total accrued (prepaid) insurance reported on the Company’s balance sheet $ 326 244 Captive agreement assets 2,327 3,672 Gross insurance liability estimate $ 2,653 3,916

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in gross carrying amounts of goodwill	The Changes in gross carrying amounts of goodwill Goodwill October 1, 2020 $ 3,637 No activity — September 30, 2021 3,637 No activity — September 30, 2022 $ 3,637 No activity — September 30, 2023 $ 3,637
Identifiable intangible assets	The gross amounts and accumulated amortization (including impairment) of Identifiable intangible assets September 30, 2023 September 30, 2022 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: Customer value 4,440 4,081 4,440 3,885 Trade name 72 72 72 72 Non-compete 74 74 74 73 $ 4,586 $ 4,227 $ 4,586 $ 4,030
Estimated amortization expense	Estimated amortization expense Amount 2024 $ 133 2025 44 2026 44 2027 44 2028 44 Total $ 309

Estimated useful lives (Details

Estimated useful lives (Details)	12 Months Ended
	Sep. 30, 2023
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
[custom:PropertyPlantAndEquipmentEstimatedUsefulLives1]	7-39
Transportation Equipment [Member]
Property, Plant and Equipment [Line Items]
[custom:PropertyPlantAndEquipmentEstimatedUsefulLives1]	7-10
Other Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
[custom:PropertyPlantAndEquipmentEstimatedUsefulLives1]	3-10

Accounting Policies (Details Na

Accounting Policies (Details Narrative)	12 Months Ended
	Sep. 30, 2023 USD ($) Count	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Product Information [Line Items]
Number of segments | Count	1
Depreciation expenses | $	$ 5,828,000	$ 5,904,000	$ 7,014,000
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
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 ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Related Party Transactions [Abstract]
Related party transactions	$ 910,000	$ 923,000	$ 1,207,000

Debt (Details Narrative)

Debt (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Jul. 31, 2021	Sep. 30, 2023	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 rate over SOCR		1.10%
Commitment fee		0.12%
Letter of credit commitments		$ 1,754,000
Available for borrowing		$ 13,246,000
Letter of credit fee		1%
Applicable interest rate for borrowings		6.42%
Minimum tangible net worth		$ 25,000,000
Maximum net worth		$ 5,332,000

Discounted liabilities and corr

Discounted liabilities and corresponding right-of-use assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Right-of-use assets	$ 2,735	$ 2,424
Lease liabilities, current	(653)	(884)
Lease liabilities, long-term	$ (2,459)	$ (1,705)

Operating lease assumptions (De

Operating lease assumptions (Details)	Sep. 30, 2023
Revenue Equipment And Other [Member]
Weighted average remaining lease term	1 month 6 days
Weighted average discount rate	3.50%
Real Estate [Member]
Weighted average remaining lease term	2 years 7 months 6 days
Weighted average discount rate	4.40%

Future minimum annual lease pay

Future minimum annual lease payments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
2024	$ 773
2025	562
2026	508
2027	497
2028	449
Thereafter	741
Total future minimum lease payments	3,530
Less:  Imputed interest	(418)
Present value of operating lease liabilities	$ 3,112

Earnings per common share (Deta

Earnings per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period – shares used for basic earnings  per common share	3,515	3,459	3,395
Common shares issuable under share based payment plans which are  potentially dilutive	79	164	13
Common shares used for diluted  earnings per common share	3,594	3,623	3,408
Net income	$ 2,673	$ 7,190	$ 625
Basic	$ 0.76	$ 2.08	$ 0.18
Diluted	$ 0.74	$ 1.98	$ 0.18

Earnings Per Share (Details Nar

Earnings Per Share (Details Narrative) - shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Antidilutive shares	160,483	58,884

Stock compensation expense (Det

Stock compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation	$ 360	$ 392	$ 467
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation	163	212	248
Director Stock Award [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation	$ 197	$ 180	$ 219

Summary of stock options (Detai

Summary of stock options (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Sep. 30, 2023		Sep. 30, 2022		Sep. 30, 2021		Sep. 30, 2020	[2]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares outstanding	[1]	750,293
Weighted average exercise price, outstanding	[1]	$ 7.44
Weighted average remaining term	[1]	4 years 4 months 24 days
Option shares exercisable		599,867
Weighted average exercise price, exercisable		$ 7.77
Weighted average remaining term, exercisable		3 years 10 months 24 days
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares outstanding		750,293	[2]	777,752	[3]	604,005	[4]	400,722
Weighted average exercise price, outstanding		$ 7.44	[2]	$ 7.44	[3]	$ 10.80	[4]	$ 14.96
Weighted average remaining term		4 years 4 months 24 days	[3]	5 years 3 months 18 days	[3]	6 years 5 months 30 days	[4]	6 years 7 months 5 days
Weighted average grant date fair value, outstanding		$ 1,659	[2]	$ 1,731	[3]	$ 1,931	[4]	$ 1,749
Dividend adjustment				288,099		148,067
Option shares granted						78,345
Weighted average exercise price, granted						$ 10
Weighted average grant date fair value, granted						$ 275
Shares exercised		(17,285)		(46,377)		(13,497)
Weighted average exercise price, exercised		$ 7.31		$ 6.81		$ 9.17
Weighted average grant date fair value, exercised		$ (50)		$ (88)		$ (45)
Option shares forfeited				(67,975)		(9,632)
Weighted average exercise price, forfeited		$ 7.31		$ 6.19		$ 13.88
Weighted average grant date fair value, forfeited				$ (112)		$ (48)
Shares expired		(10,174)
Weighted average grant date fair value, forfeited or expired		$ (22)
Option shares exercisable		599,867
Weighted average exercise price, exercisable		$ 7.77
Weighted average remaining term, exercisable		3 years 10 months 24 days
Weighted average grant date fair value, exercisable		$ 1,413
Option shares vested		92,797
Weighted average grant date fair value, vested		$ 171
[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 January 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 November 15, 2021, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted.[4]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.

Summary of stock options outsta

Summary of stock options outstanding (Details)	12 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Nonvested weighted average exercise price | $ / shares	$ 6.15
Remaining life, nonvested	6 years 5 months 30 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares | shares	150,426
Remaining life	3 years 10 months 24 days
Shares exercisable | shares	599,867
Weighted average exercise price | $ / shares	$ 7.77
Shares outstanding | shares	750,293	[1]
Weighted average exercise price | $ / shares	$ 7.44	[1]
Remaining life	4 years 4 months 24 days	[1]
Five Point Fourteen To Six Point Ninety Four [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
[custom:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptionsNonvested-0] | shares	134,285
Nonvested weighted average exercise price | $ / shares	$ 5.99
Remaining life, nonvested	6 years 8 months 11 days
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | shares	219,800
Weighted average exercise price | $ / shares	$ 6.49
Remaining life	5 years 8 months 11 days
Six Point Ninety Five To Nine Point Thirty Eight [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
[custom:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptionsNonvested-0] | shares	16,141
Nonvested weighted average exercise price | $ / shares	$ 7.52
Remaining life, nonvested	5 years 2 months 12 days
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | shares	321,183
Weighted average exercise price | $ / shares	$ 8.10
Remaining life	3 years 3 months 19 days
Nine Point Thirty Nine To Twelve Point Sixty Eight [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | shares	58,884
Weighted average exercise price | $ / shares	$ 10.72
Remaining life	8 months 12 days
[1]The Company stock option intrinsic values were adjusted as of November 15, 2021, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted.

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 29, 2023	Nov. 15, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common shares available for future issuance		10,611
Extraordinary dividend paid			$ 3.75	$ 3
Dividend yield		0%
Minimum expected volatility		38%
Expected maximum volatility		53%
Risk free interest rate minimum		0.54%
Risk free interest rate maximum		1.40%
Expected life minimum		1 year 9 months 18 days
Expected life maximum		6 years
Market closing price					$ 8.18
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	9 years 1 month 3 days
Accrued deferred compensation liability		$ 431,000	$ 402,000
Director Stock Award [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Director grant		25,200	18,900	24,867
Director grant price		$ 7.82	$ 8.24	$ 8.80
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		$ 537,000
Aggregate intrinsic value, outstanding in-the-money options		843,000
Unrecognized compensation		$ 191,000
Weighted average period		1 year 9 months 18 days
Dividend Paid [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Extraordinary dividend paid			$ 3.75	$ 3

Provision for or benefit from i

Provision for or benefit from income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Federal	$ (248)	$ 2,365	$ 955
State	77	213	297
	(171)	2,578	1,252
Deferred	1,086	(425)	(1,019)
Total	$ 915	$ 2,153	$ 233

Income tax reconciliation (Deta

Income tax reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Federal rate	$ 752	$ 1,957	$ 179
State income tax (net of Federal income tax benefit)	196	320	38
Other, net	(33)	(124)	16
Provision for income taxes	$ 915	$ 2,153	$ 233

Deferred tax assets and deferre

Deferred tax assets and deferred tax liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Property and equipment	$ 5,269	$ 4,190
Prepaid expenses	990	1,044
Gross deferred tax liabilities	6,259	5,234
Insurance liabilities	466	551
Employee benefits and other	1,078	1,052
Gross deferred tax assets	1,544	1,603
Net deferred tax liability	$ 4,715	$ 3,631

Accrued insurance liability (De

Accrued insurance liability (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Accrued Insurance
Accrued insurance, current portion	$ 918	$ 1,053
Prepaid insurance claims	(1,868)	(2,285)
Accrued insurance, non-current	1,276	1,476
Total accrued (prepaid) insurance reported on the Company’s balance sheet	326	244
Captive agreement assets	2,327	3,672
Gross insurance liability estimate	$ 2,653	$ 3,916

Employee Benefits (Details Narr

Employee Benefits (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Retirement Benefits [Abstract]
Patriot 401k contribution	50%
Company contribution expense	$ 487,000	$ 447,000	$ 482,000
MSP expense	13,000	15,000	17,000
Accrued benefit liability	363,000	416,000
Accrued post retirement benefit obligation	283,000	267,000
Net periodic postretirement benefit credit or cost	$ (2,000)	$ (5,000)	$ (8,000)
Discount rate	4%	4%	3%
APBO discount rate	5%	4%	3%

Concentrations (Details Narrati

Concentrations (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Top Ten Customers [Member]
Concentration Risk [Line Items]
Top customer revenue percentage	60%
Top Customers [Member]
Concentration Risk [Line Items]
Top customer revenue percentage	16.90%
Top Ten Custpmers [Member]
Concentration Risk [Line Items]
AR ten largest customers	$ 3,434,000	$ 2,861,000

Unusual or Infrequent Items I_2

Unusual or Infrequent Items Impacting Results (Details Narrative) - USD ($)	3 Months Ended
	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Oct. 18, 2021
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

Changes in gross carrying amoun

Changes in gross carrying amounts of goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 3,637	$ 3,637	$ 3,637	$ 3,637
Goodwill, Acquired During Period	$ 0	$ 0	$ 0

Identifiable intangible assets

Identifiable intangible assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	$ 4,586	$ 4,586
Accumulated amortization	4,227	4,030
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	4,440	4,440
Accumulated amortization	4,081	3,885
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	$ 74	$ 73

Estimated amortization expense

Estimated amortization expense (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 133
2025	44
2026	44
2027	44
2028	44
Total	$ 309

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 197,000	$ 200,000	$ 200,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - $ / shares	Nov. 01, 2023	Sep. 29, 2023
Subsequent Event [Line Items]
Share Price		$ 8.18
Subsequent Event [Member]
Subsequent Event [Line Items]
Share Price	$ 16.26