Income Taxes (Tables)
|
12 Months Ended |
Sep. 30, 2018 |
Income Tax Disclosure [Abstract] |
|
Summary Of Provision (Benefit) For Income Taxes |
|
|
2018 |
|
|
2017 |
|
|
2016 |
|
Current: |
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
204,000 |
|
|
$ |
314,000 |
|
|
$ |
2,166,000 |
|
State |
|
|
20,000 |
|
|
|
- |
|
|
|
83,000 |
|
|
|
|
224,000 |
|
|
|
314,000 |
|
|
|
2,249,000 |
|
Deferred: |
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
|
(13,240,000 |
) |
|
|
390,000 |
|
|
|
(8,597,000 |
) |
State |
|
|
277,000 |
|
|
|
(15,000 |
) |
|
|
(1,363,000 |
) |
|
|
|
(12,963,000 |
) |
|
|
375,000 |
|
|
|
(9,960,000 |
) |
|
|
$ |
(12,739,000 |
) |
|
$ |
689,000 |
|
|
$ |
(7,711,000 |
) |
|
Summary Of Difference Between Provision (Benefit) For Income Taxes And Amount Which Would Result From Application Of Federal Statutory Rate |
|
|
2018 |
|
|
2017 |
|
|
2016 |
|
Provision (benefit) for income taxes at statutory rate |
|
$ |
465,253 |
|
|
$ |
1,477,327 |
|
|
$ |
(6,299,259 |
) |
Percentage depletion |
|
|
(577,780 |
) |
|
|
(570,801 |
) |
|
|
(395,649 |
) |
State income taxes, net of federal provision (benefit) |
|
|
36,980 |
|
|
|
3,900 |
|
|
|
(683,800 |
) |
Effect of graduated rates |
|
|
- |
|
|
|
85,644 |
|
|
|
(86,745 |
) |
Restricted stock tax benefit |
|
|
(69,000 |
) |
|
|
(238,000 |
) |
|
|
- |
|
Deferred directors compensation benefit |
|
|
(134,000 |
) |
|
|
(79,000 |
) |
|
|
- |
|
Law change (a) |
|
|
(12,464,000 |
) |
|
|
- |
|
|
|
- |
|
Other |
|
|
3,547 |
|
|
|
9,930 |
|
|
|
(245,547 |
) |
|
|
$ |
(12,739,000 |
) |
|
$ |
689,000 |
|
|
$ |
(7,711,000 |
) |
|
(a) |
This is the tax effect of the Tax Cuts and Jobs Act (enacted in December 2017) on our deferred tax liabilities. This Act reduced the U.S. federal corporate tax rate from 35% to 21%. |
|
Summary Of Deferred Tax Assets And Liabilities |
|
|
2018 |
|
|
2017 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
Financial basis in excess of tax basis, principally intangible
drilling costs capitalized for financial purposes and
expensed for tax purposes |
|
$ |
24,560,165 |
|
|
$ |
38,185,387 |
|
Derivative contracts |
|
|
- |
|
|
|
200,786 |
|
|
|
|
24,560,165 |
|
|
|
38,386,173 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
State net operating loss carry forwards |
|
|
551,435 |
|
|
|
655,741 |
|
AMT credit carry forwards |
|
|
2,936,457 |
|
|
|
3,499,320 |
|
Deferred directors' compensation |
|
|
725,971 |
|
|
|
1,295,333 |
|
Restricted stock expense |
|
|
249,610 |
|
|
|
411,019 |
|
Derivative contracts |
|
|
878,767 |
|
|
|
- |
|
Statutory depletion carry forwards |
|
|
- |
|
|
|
634,405 |
|
Other |
|
|
1,129,918 |
|
|
|
839,348 |
|
|
|
|
6,472,158 |
|
|
|
7,335,166 |
|
Net deferred tax liabilities |
|
$ |
18,088,007 |
|
|
$ |
31,051,007 |
|
|