Note 3 - Income Taxes (Tables)

12 Months Ended

Sep. 30, 2020

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	2020			2019
Current:
Federal	$	(420,000	)	$	132,000
State		15,000			—
		(405,000	)		132,000
Deferred:
Federal		808,000			(4,685,000	)
State		(218,000	)		(1,707,000	)
		590,000			(6,392,000	)
	$	185,000		$	(6,260,000	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2020			2019
Statutory federal income tax rate		21.0	%		21.0	%
State franchise taxes (net of federal tax benefit)		5.6			4.5
Effect of state rate change on beginning balance of deferred tax liabilities		(9.4	)		(0.2	)
Business meals/gifts/other permanent differences		0.6			(0.1	)
Goodwill impairment		—			(6.5	)
Dividends received deduction		(11.1	)		1.5
Revenue recognized for book but not tax		0.4			—
Prior year true-up		—			0.2
Foreign tax credits		(0.4	)		0.1
CARES Act benefits		(4.4	)		—
Others		2.1			(0.6	)
Effective tax rate		4.4	%		19.9	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	2020			2019
Deferred tax assets attributable to:
Accrued liabilities, including supplemental compensation and vacation pay accrual	$	415,000		$	178,000
Impairment losses on investments		1,016,000			2,201,000
Bad debt reserves not yet deductible		55,000			41,000
Depreciation and amortization		3,482,000			3,999,000
Deferred revenues		913,000			885,000
Goodwill		590,000			677,000
Net operating losses		4,768,000			5,195,000
Credits and other		432,000			456,000
Total deferred tax assets		11,671,000			13,632,000
Deferred tax liabilities attributable to:
Unrealized gains on investments		(35,870,000	)		(37,241,000	)
Net deferred income taxes	$	(24,199,000	)	$	(23,609,000	)

Summary of Operating Loss Carryforwards [Table Text Block]

Fiscal Year ended	Federal NOL		California NOL		Other State NOL
	(in millions)
September 30, 2036	$	.8	$	—	$	—
September 30, 2037		6.6		—		.3
September 30, 2038		11.1		5.4		2.0
September 30, 2039		—		.7		.3
No expiration		1.6		—		—